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Financial services staff 'must be fully qualified'

Tuesday 01 March 2011 by Gina Le Prevost

One group has urged companies to make sure that employees who work in finance jobs are fully qualified and have adequate training to provide the best service to customers.

The statement comes from the Institute of Financial Services (IFS) in response to a new report that revealed there were almost 100,000 complaints made against firms in the second half of 2010.

Vice-principal of the IFS School of Finance Anne Kiem said that while many institutions take care to treat their customers fairly, the figures are evidence that some do not.

"We'd like to see all firms giving serious consideration to ensuring their staff are appropriately qualified in delivering high quality customer service that complies with all relevant regulations," she said.

According to the figures released by the Financial Services Ombudsman, 53 per cent of the complaints it received were upheld in the second half of 2010, compared with 44 per cent in the fist six months of the year.