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Loyalty message sent to IFAs

IFAs have been told to nurture customer loyalty if they want their

business to succeed and profits to grow.

The message was delivered jointly by the Royal Mail and Prudential

Intermediary Division to members of IFA network Berkeley Independent

Advisers at their recent national conference in Birmingham.

The Royal Mail presented research by the Office of Consumer Affairs which

shows it costs six times more to acquire a new customer than it does to do

business with an exist ing one.

The research shows 67 per cent of consumers only change their providers

because of either lack of contact or indifference from the provider

compared with 60 per cent who remain loyal to firms that keep in touch.

The Royal Mail has been working in partnership with the Pru in a project

to help financial services companies to use the postal system more


Berkeley&#39s members were told it is crucial for IFAs to maintain and

develop dialogue with their existing customers due to the changing IFA

marketplace, which has seen the growth of direct-sales channels, increasing

regulations and product changes, including Isas and stakeholder.

Royal Mail head of sector development Isabel Wade says: “Building customer

loyalty and effective customer retention is critical to increasing profits.

“Customer communication is a vital element of that relationship building


Prudential direct marketing consultant Shona Crawford says: “We are

pleased to be working closely with the Royal Mail to help provide direct

marketing advice to this important channel.”


BoS launches internet banking

Bank of Scotland is launching a new online banking service just days before a similar style operation is due to be unveiled by takeover target NatWest.BoS has made a £21bn hostile bid for NatWest. As part of the package BoS will offer a free internet service provider BoS

Internet Fraudbuster launched

Fraudbuster, an internet fraud screening application has been launched by TrustMarque.The company claim the system will reduce fraud risk on credit card purchases and e-commerce from 8 per cent to 1 per cent.Every credit card transaction is validated by a financial institution and further analysed by Fraudbuster. Once an order has been validated by both […]

Bupa blasted for not releasing case histories

Bupa has been blasted for demanding Cornhill does not release case histories on clients transferring health insurance to anyone other itself.Intermediaries warn Bupa could be breaking a proposed voluntary code of practice following its move to to “rescue” clients potentially left stranded when Cornhill pulled out. Cornhill quit the health cover market in September.And Bupa […]

BoS ups NatWest bid

Bank of Scotland has upped its hostile bid for Natwest by about £7bn with an offer of £27.58bn.The increased offer will include the issue of share loan notes and special dividends to NatWest shareholders.Yesterday the Government cleared the way for the takeover by not referring the bid to the Competition Commission.

InFocus - thumbnail

In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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