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What was the motivation for writing the book and who is it for?

After 20 years of working within the financial services industry, both within the UK and internationally, I am still frustrated and bemused by the fact that despite there being three consistent challenges to the industry: regulatory directives, industry competition and consumer needs, it has never been easy to find relevant information in one repository that could aid support in building business or meeting change management challenges.


The UK financial services industry is facing the biggest regulatory change in over a century, thus I wanted to write a book for this industry and its clients, bringing together disparate views on how to manage change and engender client trust.


This book represents the first publication on one of the most far reaching regulatory reforms ever to effect the retail financial services industry and its consumers. To date, after my research with the industry regulator, market participants and consumers, I believe there has been plenty of opinion based on conjecture and little fact. This book aims to spell out clearly the challenges and opportunities the RDR brings. It also provides a guide for the industry and consumers alike for resources and actions to aid understanding and give confidence to better and healthier business to client relationships.


What do you feel the message of your book is, and why is it relevant?

Understanding key stakeholder needs is paramount. I believe consumers in particular feel angry, disappointed and let down by retail financial service providers. Yet with the new regulations, there are great opportunities to understand fundamental issues such as behavioural economics to encourage and engage with consumers thereby ensuring sustainable relations for the businesses and client trust.


The FSA’s Retail Distribution Review (RDR) represents the FSA’s most comprehensive consumer protection policy; yet post the recent financial crises there is much mystification, complex challenges and unanswered questions for both market participants and the consumer. This book is the first publication to provide clear guidance on the right organisational change, leadership, and customer relationship and education strategies that will engage, enthuse and enlighten clients and ensure the RDR objectives for ‘professionalisation’ and client bias are understood by all affected. It is by no means a panacea, but a guide to best practice for all.


Winning client trust is unique as the first publication available on the RDR. It will hopefully set the benchmark in its field.

The book will also appeal to clients who buy financial products in giving them a greater understanding of the RDR objectives, how they are affected and how the industry may change to facilitate positive and transparent relations for their needs and objectives.


What is organisational change?

Organisational change is ideally a constant evaluation and structuring of the business operations to ensure they are efficient and effective and the business strategy is on track to ensure profitability and sustainability. This needs to incorporate anyone who has an interest on the business: shareholders, staff, directors, clients and society at large.


Why all the fuss about transparency in business?

Transparency needs to be at the centre of all business operations. Right through the value chain, there needs to be clarity around services, charges and fees so the clients are under no illusion when engaging in the business. Only then can trust be engendered and real partnership relationships developed.


What is the main goal of releasing this book? What would you like to achieve?

Industry professionals need to be aware of the importance of behavioural economics and to understand really how this now underpins all business, regulatory and governmental strategy, policy and direction.


Consumer financial capabilities can be improved significantly with the right behavioural finance strategy.


Businesses need to understand that a trusted client relationship is a two way process and means success, profitability and sustainability of the industry.


Consumers are suspicious and lack trust in their engaging financial services providers. “Winning Client Trust” gives techniques and a guide to overcome such relational problems and how the industry can employ change management and structures to engage, enthuse and enlighten their clients.