This year, our overall product rating mirrors that of the industry.
The recent economic climate has presented us with many challenges. As part of our work in this area, we are committed to continuing to improve customer understanding of products, particularly by managing expectations when it comes to the return on their investment.
Managing expectations on return on investments
By far the biggest driver of customers’ satisfaction with their product is our ability to manage their expectations. We have seen an increase in managing expectations of returns on investments. This is up 1 point to 25 percentage points.
One example of the work we carried out last year to help customers understand the return on their investments was a major review of our Portfolio Bond literature. As part of this process we conducted consumer research to test understanding of our literature. In general, response to the documents was highly positive and consumers felt that the documents helped them to understand these complex products. They also said that they felt that the risks involved with the product were well communicated.
On our rating for our ability to offer tailored solutions to our customers, we have seen a decrease of 2 points to 31 percentage points.
Overall product rating
Overall how would you rate the life, pensions or savings product that you purchased from
% Rating Excellent/Very Good
Base = All respondents
Some scores may be subject to rounding
Source: ORC International