Measuring vulnerability is more important than ever
This paper looks at the need to treat all customers in the same way, as potentially vulnerable, recording their characteristics consistently, accurately and over time.
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Almost half of the UK’s population can be classed in some way as vulnerable – and around 14 million adults have low financial resilience. The recognition of this, and the arrival of the FCA’s Consumer Duty regulations, demonstrate how vital it is for organisations to understand that far more of their customers may well be vulnerable than their current systems record – and that assessing everyone is the only way to serve all customers well.
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Understanding the implications of vulnerability within Consumer Duty
Our latest Consumer Duty white paper
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.
Latest podcast
What is a vulnerability?
Our latest Consumer Duty podcast
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.
Latest webinar
Are you vulnerable to getting it wrong? Question and answers
Our latest Consumer Duty webinar
Our joint webinar with Elephants Don’t Forget on 26 March 2024 raised a record number of questions – so many, that we couldn’t respond to them all on the day. We’ve put together this video to respond to those questions.