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Defaqto investment bond satisfaction survey raises provider strength issue

10 April 2019

Information business Defaqto’s latest investment bonds annual service review has revealed a drop in satisfaction levels around provider strength and brand, online services and administration staff.

New business administration, which ranked first in importance for advisers, fell by three percentage points to 75% in 2018. Meanwhile, provider strength and brand, which was rated fourth most important, fell to 79% last year from 81% in 2017.

Online services, which ranked fifth in order of importance, suffered the biggest fall in satisfaction levels to 57% in 2018 from 64% the previous year.

However, Defaqto, which assesses over 43,000 financial products in the UK, said the reductions were offset by an increase in product design and management and reporting, both of which rose one percentage point. Meanwhile, administration staff also witnessed a notable increase in satisfaction levels to 72% from a previous 70%.

David Cartwright, head of insight and consulting for wealth and protection, Defaqto, commented: “ The survey provided some interesting insight into the levels of service from providers. It’s encouraging to see that several of the categories measured have seen improvements on last year. However, new business administration, provider strength and brand and online services have all fallen below expectations.

“This should serve as a warning to providers that advisers are becoming less tolerant of any underperformance in service and support.”

Defaqto investment bond provider satisfaction results

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