Skip to main content

Sales process

Consumer Banking

In 2010, to support our customer-focused strategy, Consumer Banking introduced a platform of measures named the Standard Chartered Bank Way (SCB Way). Implemented across out entire sales structure, SCB Way helps us to ensure that we embed the right sales culture and provide clear direction and expectations at a leadership level; train and coach our managers so that they get the best from their teams; and provide training, tools and techniques to our frontline staff to enable them to conduct needs-based conversations with our customers.

This is underpinned by the implementation of new tools such as the Relationship Builder, which integrates sources of customer data for our small business customers and helps us manage customer relationships.

As part of Consumer Banking’s commitment to responsible selling, we have undertaken a number of improvements, which we will monitor annually, including:

  • Enhancing the sales and suitability procedures that govern our sales practices for Consumer Banking wealth management products
  • Strengthening the senior management oversight of our customer complaints processes
  • Tightening procedures for identifying vulnerable customers, such as the elderly who may have no prior investment experience
  • Ensuring that all our products are reviewed and rated from a risk perspective
  • Embedding our product and client attitude to risk profiling processes into an automated frontline sales system that is more robust from a control and monitoring perspective than the manual processes we used in the past
  • Introducing after-sales call monitoring and/or assurance calls for all customers who are first-time buyers of more complex investment products, to ensure the sales process has been conducted appropriately
  • Refreshing staff training to make sure staff properly understand our customers’ requirements and that products sold are suitable for their needs and risk appetite
  • Maintaining an ongoing review of our sales processes to ensure that they meet or exceed regulatory standards

Wholesale Banking

Treating clients fairly is a requirement of both our Code of Conduct and our Financial Markets’ Dealers Code of Conduct. At a transactional level, we have procedures and controls in place to ensure that these codes are adhered to at all times.

Our Wholesale Banking business has put special complaints procedures in place that serve as a framework for consistent treatment and escalation of our clients’ feedback.

We have established a Distributor Transaction Approval Group (DTAG) to ensure that we manage the potential legal risks associated with the sale of structured products to financial intermediaries. We want to make sure that these intermediaries are as rigorous in treating clients fairly as we are.

Making marketing materials clear and accurate

Our ABC approach – standing for Accuracy, Brevity and Clarity – guides the way we write and produce marketing materials for our products and services. Any information we provide to clients is aimed to be accurate, factual, and to clearly state the benefits of each product. Finally, we keep the design of our marketing materials clean to ensure that our clients focus on the content and the benefits of our solutions.

Annual Report and Accounts 2010