Vulnerability is not binary, and why this matters
This paper looks at why vulnerability is not a binary issue, and what firms can do to more adequately meet the needs of the FCA’s Consumer Duty regulations, provide their business with the right management information – and serve their customers in the most ethical way.
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As firms have begun to get to grips with dealing with vulnerable customers, their systems have needed to follow suit. It’s not uncommon for forms to have added a ‘flag’ to their consumer database, with a yes/no for ‘vulnerable’ or ‘not vulnerable’. The reality is that vulnerability is not binary – which means that this is a wholly inadequate way of meeting the requirements of Consumer Duty regulations and nor will it provide the business with the information it needs to properly support its customers.
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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.