Consumers questioned to set standards for Saltr

The ABI is conducting a major customer satisfaction survey in a bid to set benchmarks for its Savings and Long Term Risk initiative.

The Saltr initiative is a quality mark scheme aimed at raising standards in the financial services industry and improving the public&#39s provision for their financial welfare.

The results of the survey will be used to set the benchmarks for customer satisfaction, which financial brands will have to meet as part of the quality of service criterion.

Saltr&#39s Pensions Protection and Investments Accreditation Board will act as an independent adjudicator of each brand to see if it meets or exceeds the benchmark.

The survey is being conducted among purchasers of savings, protection and investment products by research company NOP Financial.

Brands seeking accreditation through the Saltr scheme will have to meet three consumer-focused standards. These include the clarity and comparability of the information a brand provides, the appropriateness of the product purchased and the quality of service offered.

Industry Standards Group chairman Lawrence Churchill says: “We are delighted so many brands have decided to participate in this major industry study, which we need to undertake to help us strike the appropriate customer satisfaction benchmark.

“The individual findings should also be of real use to participating companies to help them to identify any areas for improvement.”