A Consumer Duty webinar and round-table discussion, with Tony Crane, Jonathan Warren and Andrew Gething – looking at how the FCA’s guidance on customer vulnerability and Consumer Duty overlap and what this means for financial services firms.
As we head towards the FCA’s first review, we’re in uncharted territory. No one really knows what the stance of the regulator will be – they can only guess. Any form of action is, of course, likely to be proportionate to the failure to meet Consumer Duty. The problem is that one person’s view of a ‘bad outcome’ may be different from another’s – so what will be the regulator’s view?
If vulnerable consumers must go through an assessment for every engagement with each services provider then it’s going to be pretty tiresome for them. It will make their lives worse, not better – in itself, a poor outcome. The recognised ideal is ‘tell us once’ – and this can only work where we can share vulnerability data.