Financial services in uk Essay Example | Topics and Well Written Essays - 2500 words

Financial services in uk - Essay Example ooming financial sector due to the emphasis the government has placed on showcasing the strengths of this industry which has powerful entities with worldwide recognition such as the London Stock Exchange (LSE) and the an affluent population of 60,609,153 which has one of the highest real gross domestic product per capita in the world at $30,821 (CultureGrams, 2008). Preventing customer complaints and resolving them in a civilized manner is a critical success factor for companies in this industry in the UK. This essay studies customer service, customer complaints and the application of contract laws related to disputes between customer and firms in the United Kingdom. The financial services industry is a business whose worldwide market value is worth trillion of euros (Plunkett Research, 2008). This industry is composed of different segments which generate sales most of which are service oriented. The different sectors within the industry include commercial banking, private marking, equity market, consulting, financial planning, brokerage, real estate, and insurance among other financial services. In the United Kingdom the capital hub for financial activity is London, followed by Scotland a region in which 108,000 people or 10% of the working population are employed in the financial service industry that generated in 2007 nearly 7 billion euros in economic activity (Sfe, 2008). The people working in the financial services industry depend on customer retention in order for firms to build a portfolio of clients that bring recurrent business to firms. Just like in other industry a customer comes back and recommends the services of a store or company only if they are satisfied with the product they receive. It is essential to provide service to customer and to build a customer total quality program based on a strategic view that the customer is the most important stakeholder of the company. All business process must be geared to satisfy the needs of the customer and