The majority (84%) of consumers have reported that there has been no noticeable change in the way that financial providers treat them since the FCA’s Consumer Duty was implemented last year.
Financial services review site Smart Money People conducted a new study that also revealed 7% of consumers believe service levels have actually worsened over the past 12 months.
The poll involved 2,000 customers, and it revealed the biggest frustration was not having access to human support (48%), untrained staff (34%), no available phone number (32%) and the use of chatbots (24%).
Personal loan and buy now, pay later customer were highlight as being the least satisfied with the levels of service they were given.
However, feedback from prepaid and current account customers found that they were the happiest with their providers.
The report also found that it was critical for vulnerable people to have access to real people rather than online help or chatbots.
81% of vulnerable customers said they have seen no positive improvement in they way they were treated by financial services companies over the past year.
Smart Money People Chief Executive, Jacqueline Dewey, says: “The FCA’s Consumer Duty guidelines are specifically designed to put the onus of consumer communications and outcomes on the provider.
“However, our data shows customers are not seeing the impact of these guidelines 12 months later.
“It’s particularly concerning that vulnerable customers have not seen an improvement in their experience during this time.
“This is why we are encouraging consumers to feedback on both good and bad experiences.
“Smart Money People works with financial services organisations to better understand and serve their customers, helping to drive better outcomes for both providers and their customers.”
