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New vulnerable customer data from the MorganAsh Resilience System (MARS) has revealed that caring responsibilities are one of the most common life events experienced by consumers.
The release of the FCA’s latest Financial Lives survey, which found that 49% of UK adults have one or more characteristic of vulnerability, demonstrates the pressing need to understand customer vulnerability, argues specialists MorganAsh.
Maintaining accurate and up-to-date vulnerable customer data is a challenge. Over time, databases naturally degrade, with information becoming outdated because of life events like address changes, marital status shifts, or death. This decay is critical for vulnerable customers. Missing or incorrect data can lead to a loss of contact, potentially resulting in preventable harm and a failure to provide necessary support.
This webinar explores the intersection of Consumer Duty and GDPR, focusing on the data storage and privacy issues businesses must navigate to be compliant. We will explore the key challenges firms face in managing vulnerable customer data, discussing the types of data that need to be stored, and the permissions required.
Pension annuities have been in the doldrums for many years but are now on the increase. This is due to improved rates and, with changes to pension taxation, they are arguably likely to increase further. Annuities providers turned their attention to bulk annuity contracts with defined benefit pension schemes and this market continues to grow. However, little has changed over the last ten years in terms of retail consumer products and processes. We ask: what needs to change in light of Consumer Duty?
One of the first hurdles to overcome for any firm on its customer vulnerability journey is the actual identification of vulnerable customers. This is by no means a small feat, as many firms have found out when trying to meet the requirements of the FCA’s Consumer Duty.
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.
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.
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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