Customer vulnerability specialists MorganAsh have welcomed a recent intervention from the FCA, calling for firms to be proactive when identifying and managing customer vulnerability.
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.
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 UK’s Financial Conduct Authority (FCA) expects firms to deliver good outcomes for retail customers, as defined within Consumer Duty. Central to the Duty is proportionality –which enables firms’ approaches to match the nature of the product or service, characteristics of customers, role in the distribution chain, and size/resources of the firm, all under an objective test of reasonableness.
MorganAsh’s vulnerable customer calculator enables firms to gain a quick insight into how many customers – statistically speaking – have specific common vulnerabilities.
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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