MSE site needs to check service levels before promoting

MichaelPD

Many of the banks and financial organisations promoted on Martin Lewis' site have awful customer service and woefully inefficient administration. I would suggest the researchers check out some of the customer review sites before featuring financial company's offers on the MSE site and at least make subscribers aware of (the often many) bad reviews.

eskbanker

While it could have some advantages to readers, it's clearly impractical (and fraught with risk to the publisher) and hence the disclaimers further down each page:

How this site works

We think it's important you understand the strengths and limitations of the site. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.

• This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.
  
• We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the Section 75 guide for protection tips).
• Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.
• We often link to other websites, but we can't be responsible for their content.
• Always remember anyone can post on the MSE forums, so it can be very different from our opinion.

MaxiRobriguez

Service and customer reviews are subjective.

A no-frills DIY service may be great for some but awful for others.

MSE points you in the right direction, it's up to you to do your own due dilligence and find products and services that meet your needs.

jimjames

Service may also vary depending on circumstances and situation. Covid19 being one, overloaded applications from a new product being another than might be entirely transient.

Thrugelmir

In the midst's of a pandemic expectations are far too often somewhat unrealistic. Level of complaints is down to people who are furloughed or WFH. Not being productive themselves doesn't help their customers. 

masonic

There will always be bad reviews, no matter how good the service. Some providers 'game' the review sites and appear relatively better than others, but the truth is reviews are pretty much worthless if you don't know the reviewer.

Financial services have a robust complaints system, so if you have a bad experience, and are reasonable in your expectations, you can be fairly confident it will be made right.

For those reasons, comparison sites should not weight products according to customer reviews.

DireEmblem

MichaelPD said:

Many of the banks and financial organisations promoted on Martin Lewis' site have awful customer service and woefully inefficient administration. I would suggest the researchers check out some of the customer review sites before featuring financial company's offers on the MSE site and at least make subscribers aware of (the often many) bad reviews.

Just because someone has a referral link for somewhere, or details for somewhere that may provide a better return, does not justify the lack of your own due diligence before you sign up.

Hexane

MichaelPD said:

Many of the banks and financial organisations promoted on Martin Lewis' site have awful customer service and woefully inefficient administration. 

Such a bald statement makes me curious - how many of them have you banked with for long enough to test out their customer service and the efficiency of their administration in detail?

I've done so with half a dozen, and I'm not having the same experience. Marcus have scarily over-efficient administration, and I've never had reason to contact their customer service. First Direct have a tendency to send out too much paperwork, but their customer service was fine when I called them. I had already banked with HSBC for decades and they don't have any problems with administration or customer service. (I don't call them very often.) Furness Building Society have excellent customer service and very efficient administration, although they don't seem to have an online service that I'm able to get working. Nationwide didn't seem to have any administration problems except for initially weird access procedures for their online service. Virgin Money have a slightly arcane online service but no other issues and I've never had reason to call their customer service. No problems with Coventry Building Society either. There are probably some that I've forgotten.

I haven't invested with NS&I for a very long time. Martin Lewis has regularly mentioned them as having market-leading rates on some products, and people in these forums have regularly mentioned them as having rather slow service at times and not doing some things in the way some people would prefer. I would take that into account when deciding whether to open an account with them.

If you already know where the review sites are, why would you not look at them before making a decision, if you think they're important in making such a decision?

colsten

MSE does some sort of a CS survey, mainly of current account providers, every 6 months.

Which? do something similar.

The CMA publishes customer satisfaction results for current accounts.

Personally, I am not swayed by any of these as the customer service experience is something very individual. I am much more likely to consider views discussed here on the MSE Forum. I am definitely not considering Trust Pilot ratings and rants.

Albermarle

Thrugelmir said:

In the midst's of a pandemic expectations are far too often somewhat unrealistic. Level of complaints is down to people who are furloughed or WFH. Not being productive themselves doesn't help their customers. 

I think the Covid excuse is wearing a bit thin 15 months down the line. Especially when many companies , financial or otherwise, seem to manage perfectly OK .