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Firms hoping the Government’s call to boost growth through regulatory reform will mean cuts to Consumer Duty will be ‘disappointed’, warns MorganAsh.
The Financial Conduct Authority’s plans for a review of how firms are managing customer vulnerability come as “no surprise”, says MorganAsh managing director Andrew Gething.
The FCA’s recent review of board reports identified some key areas for improvement, especially when it comes to outcome reporting. Other reviews this year are likely to reinforce these requirements and highlight other shortcomings.
As firms begin to identify their vulnerable customers, the repeated sharing of this information has become a significant pain point for vulnerable customers. Imagine – you’re already vulnerable and yet you have to repeat yourself to every firm. This webinar examines how sharing data can reduce this friction and improve the customers’ lives.
Is customer vulnerability management a real thing? The answer is ‘probably not’ – it is a component part of customer engagement or operations – but, in the short term, and to help facilitate change, it is useful to focus on it in more detail.
The FCA recently published its analysis of Consumer Duty board reports. Most firms have been working hard on Consumer Duty and thought they had done a good job, but the FCA report identifies some big gaps in implementation.
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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