MorganAsh, a specialist in vulnerable consumer management to the financial services and utilities sectors, has partnered with FWD Research to further assist firms in meeting the vulnerability requirements of Consumer Duty.
MorganAsh, a specialist in vulnerable consumer management to the financial services and utilities sectors, has partnered with FWD Research to further assist firms in meeting the vulnerability requirements of Consumer Duty.
The FCA has announced that it is reviewing how vulnerability is being managed. What are the practical implications for consumer credit, particularly in the motor finance sector, where credit is so important? We look at: what does consumer vulnerability look like, and what is required under Consumer Duty in consumer credit? We talk about the elephant in the room – the sale – the conflict of assessing consumers and minimising friction in the sale. And we ask what are the costs, benefits and risks of assessing consumer vulnerability?
Our March 2024 webinar with Elephants Don’t Forget resulted in more questions than could be answered during the event. MorganAsh’s Peter Labrow asks Andrew Gething to respond to the audience’s questions in detail.
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.
Consumer Duty places real emphasis on firms to assess their entire customer base to identify their vulnerable clients and ensure the outcomes they receive are at least no worse than the non-vulnerable.
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.
This paper takes a balanced view of both the opportunities and the challenges of implementing a Consumer Duty strategy – and how everything revolves around the proper recording and maintenance of consumers’ characteristics.
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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