Vulnerability is not binary, and why this matters
This paper looks at why vulnerability is not a binary issue, and what firms can do to more adequately meet the needs of the FCA’s Consumer Duty regulations, provide their business with the right management information – and serve their customers in the most ethical way.
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As firms have begun to get to grips with dealing with vulnerable customers, their systems have needed to follow suit. It’s not uncommon for forms to have added a ‘flag’ to their consumer database, with a yes/no for ‘vulnerable’ or ‘not vulnerable’. The reality is that vulnerability is not binary – which means that this is a wholly inadequate way of meeting the requirements of Consumer Duty regulations and nor will it provide the business with the information it needs to properly support its customers.
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Understanding the implications of vulnerability within Consumer Duty
Our latest Consumer Duty white paper
This paper examines the FCA Handbook Rules on Consumer Duty Regulations, specifically Principle 12. We extracted some key rules in order to explain the practical implications.
Latest podcast
Is asking about vulnerability too intrusive?
Our latest Consumer Duty webinar
In this episode, we discuss data and intrusion. Where can we obtain vulnerability data? Are we allowed to ask the consumer, and if so, are we allowed to ask intrusive questions? What has been the experience thus far, do consumers engage, and how do they feel about privacy and GDPR?
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Our latest Consumer Duty webinar
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