Financial Services Culture Board reveals 2022 employee survey results

The FSCB survey shows that, over the seven years since it started, firms have shown steady improvement overall in scores related to leadership, taking responsibility and speaking up and being open to challenge.  Latterly, the scores on personal reliance and wellbeing have improved, and more employees are describing their firms as “supportive” and “inclusive”. More disappointing are scores on customers. This year, the survey asked 4 questions specific to the expectations of the Consumer Duty, to which employees responded that:

• just over half said it was as easy to cancel a product at their firm as obtain it;
• two thirds said their team routinely analysed customer feedback and complaints to help improve;
• three quarters said their firm’s products and services took into account the needs of different consumers; and
• almost 80% thought their firm was well equipped to deal with vulnerable customers.

FSCB commented that these scores varied a lot between firms, and that a surprising amount of employees did not know the answers or said they weren’t relevant to their role – even within the same business area of firms.