New guidance from the Chartered Insurance Institute (CII) and Personal Finance Society (PFS) released this week, “significantly moves the dial” on vulnerable customer management in the insurance and personal finance sectors, says leading customer vulnerability firm MorganAsh.
MorganAsh, the leading support services provider to the financial services and utilities sector, has added a major upgrade to the algorithms behind the MorganAsh Resilience System (MARS) to better record, measure and support clients with multiple vulnerabilities.
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.
We’re honoured to be joined by Vanessa Riboloni, Head of Research and Insight at the CII, and the driving force behind a new initiative to help insurance and financial planning firms to translate Consumer Duty’s principle-based regulations into practical actions and a concrete strategy.
Customer vulnerability specialists from MorganAsh also speak regularly at industry events. View speaking events
The Chartered Insurance Institute (CII) and Personal Finance Society (PFS) have been beavering away for much of this year on something which we think is one of the most useful customer vulnerability tools since the TEXAS mnemonic.
When considering what technology to adopt, this checklist should help assess whether systems meet the requirements for effective customer vulnerability management.
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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