Why sharing individual customer data is the practical solution to meeting Consumer Duty
This paper looks at why it will be a far better customer experience if consumer characteristics data is provided once and then shared between different parties.
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Consumer Duty requires that firms can evidence how they understand the characteristics of customers over the life of a product. Inevitably, this means asking questions, perhaps quite a few. But from the consumers’ perspective, having to do this again and again (when obtaining quotes) or again and again through the life of the product isn’t just tiresome, it’s annoying – and it could likely lead to inconsistencies.
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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
What is a vulnerability?
Our latest Consumer Duty podcast
There is still a great deal of uncertainty about how someone is defined as vulnerable; what a vulnerability is. The FCA’s data (confirmed with live data from MorganAsh’s vulnerable consumer management tool, MARS) shows that around half of all people can be defined as vulnerable. Yet others say that they have only a few per cent of vulnerable consumers. Can this be true? Andrew Gething and Johnny Timpson OBE try to dig into the answers.
Latest webinar
Are you vulnerable to getting it wrong? Question and answers
Our latest Consumer Duty webinar
Our joint webinar with Elephants Don’t Forget on 26 March 2024 raised a record number of questions – so many, that we couldn’t respond to them all on the day. We’ve put together this video to respond to those questions.