Support services provider MorganAsh is urging financial services firms to strengthen how they evidence outcomes for vulnerable customers, as regulatory scrutiny of Consumer Duty board reports intensifies ahead of July’s reporting deadline.
Support services provider MorganAsh has welcomed Carer UK’s new Building Carer Friendly Communities blueprint as an important step forward towards improving support for millions of unpaid carers, but warns of a missed opportunity to address the role that financial services firms must play in identifying and supporting carers as vulnerable customers.
This webinar is for those who wish to understand Consumer Duty reporting requirements for vulnerable customers, as well as best practice in reporting for management information and product design.
Once a vulnerable customer has been identified, what should be done next? What are a firm’s obligations—is it sufficient simply to “tick the box” to confirm that a vulnerable person has been identified, or is further action required?
Customer vulnerability specialists from MorganAsh also speak regularly at industry events. View speaking events
Cybersecurity has always been seen as a technical issue, but for financial services firms, it is now much broader than that. It has become a clear governance issue, particularly with Consumer Duty in full force and with the fresh emphasis it has placed on the responsibility of firms to avoid foreseeable harm and ensure good customer outcomes.
When Henry Ford revolutionised transport in the early twentieth century, the story goes that he observed: “If I had asked people what they wanted, they would have said faster horses.” The motor car was not an incremental improvement on what existed – it was a fundamentally different solution to the same problem.
According to the FCA’s Financial Lives survey, around half of all people are vulnerable at any one time. This seems like a lot – is it accurate? And, if it is so many, what can firms do about it? Many firms are only very identifying low numbers of vulnerable customers – what are they missing?
Elephants Don’t Forget, FWD Consulting, MorganAsh, and the Collaboration Network answer your questions about implementing the FCA’s Consumer Duty requirements on customer vulnerability within your firm.
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.
While people prepare to report under Consumer Duty, Andrew Gething observes that one of the things many companies don’t understand is that Consumer Duty also requires them to report under the Equality Act. The Act has been around for some years, but many haven’t recognised the part it plays in Consumer Duty. Johnny Timpson OBE shares his thoughts.
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