Support services provider MorganAsh has announced a new partnership with Signly, allowing users of the MorganAsh website and consumer portal itswhoiam.me to browse pages using British Sign Language (BSL).
Following the release of the FCA’s pure protection market study, in which the regulator highlights the barriers vulnerable customers can face when accessing appropriate protection, we have a comment from support services provider and Consumer Duty specialists MorganAsh.
Economic abuse is far more common than many in financial services realise. It rarely ends when a relationship ends – and is linked to the most severe outcomes of domestic abuse, including homicide and suicide. This webinar explains what economic abuse is, how it becomes visible to financial services firms, and how to respond safely and well.
This webinar looks at how better customer understanding and personalisation can unlock considerable benefits, the sector-by-sector case for digital assessment, and how loyalty and early engagement can be the difference between a manageable case and a write-off. The session includes a live case study that shows the commercial benefits playing out in practice: fewer auto-declines, more approvals, and a new product launched off the back of better insights.
Customer vulnerability specialists from MorganAsh also speak regularly at industry events. View speaking events
The Financial Conduct Authority (FCA) has published the final report of its Pure Protection Market Study (MS24/1.5). For most of the industry, the headline is a relief. The FCA isn’t planning new market-wide measures, though it will act where individual firms fall short, and is focusing instead on closing the protection gap. More than that, the FCA has put its weight behind something the industry has wanted for years: getting more of the UK population protected.
Typically, affordability and customer vulnerability have sat in different parts of the business. Credit risk looks after affordability: can this person repay what they’re borrowing? Compliance and customer experience are responsible for customer vulnerability: does something about this person’s circumstances mean they need extra support? Different teams, different systems, different reports to the board.
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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