Financial services firms are failing to identify customers experiencing domestic and economic abuse, leaving many without appropriate support, warns vulnerability specialist and support services provider MorganAsh.
Financial Reporter spoke to Andrew Gething, managing director of MorganAsh, about the progress of financial services in embedding the principles of Consumer Duty, how firms can improve their understanding and monitoring of vulnerability, and what ‘good’ looks like when it comes to supporting vulnerable customers.
This webinar looks at the ways in which organisations can identify their vulnerable customers—the first step in managing and supporting them.
This webinar is for financial advisers, wealth managers, insurance brokers, intermediaries and mortgage brokers. Firms face a range of challenges when it comes to evidencing vulnerable customers. While most advisers/brokers understand their client’s personal situation, they lack the systems and structure to record this in a consistent manner.
Customer vulnerability specialists from MorganAsh also speak regularly at industry events. View speaking events
The FCA’s review into the use of AI across retail financial services is a timely and welcome intervention. We already find ourselves in a position where AI is rapidly moving from experimentation to implementation – in all walks of life. Financial services is absolutely no exception.
The new vulnerability guidance from the Chartered Insurance Institute (CII) is a significant step forward for both the insurance and personal finance sectors – and offers much across all of financial services. It provides firms with clear and comprehensive guidance of what ‘good’ looks like when it comes to supporting vulnerable customers.
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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