Identifying and understanding the vulnerabilities of customers became a regulatory requirement in February 2021 for firms. Consumer Duty has renewed this focus and expanded the need to understand and monitor consumer vulnerabilities. Even so, many firms are still trying to get to grips with just how they identify their vulnerable customers.
MorganAsh, the support services provider to the financial services and utilities sectors, has appointed customer experience and customer vulnerability specialist James Edmonds as a Consumer Duty consultant.
AI is being heralded as a silver bullet for many issues – and customer vulnerability is no exception. But how real is that assumption? Where is the technology now and what role can it play in identifying and managing vulnerable customers?
This webinar looks at how prioritising customer vulnerability can be a key component of an organisation’s success. In today’s competitive environment, addressing customer vulnerability is not just a regulatory requirement but also a business opportunity.
In a webinar on 9 July 2024, LexisNexis Risk Solutions joined forces with consumer vulnerability specialist MorganAsh, to shine a light on ways to enable wider engagement across your full customer base. The audience raised a series of questions, which LexisNexis and MorganAsh have answered here.
While there hasn’t been much to celebrate about in this environment of higher interest rates, one positive is the resurgence of annuities. From their decline and near extinction following the introduction of greater pension freedoms in 2015, annuities, which provide retirees with a guaranteed income for life, are soaring in popularity amid high interest rates – and are now generating far better returns.
While there are several different ways to approach consumer vulnerability, one view is that artificial intelligence (AI) will provide the silver bullet which solves the issue. This paper explores those issues and offers some perspective on the AI’s prospects of being the hoped-for panacea.
This paper examines the FCA handbook rules on Consumer Duty regulations, specifically principle 12. We extracted some key rules in order to explain the practical implications.
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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