The FCA has repeatedly stated that the Consumer Duty is not a once-and-done exercise. Therefore, firms need to maintain an ongoing cultural focus on the Duty, and even transform their culture to improve the outcomes customers receive.

Chris Warburton of RO-AR interviews Andrew Gething from MorganAsh. RO-AP helps people to find, explore and illuminate topics in the risk operations space, connecting people across the industry. 

In many ways, communications are where the ‘rubber hits the road’ for vulnerable customers. Even for those who are reasonably literate and numerate, financial services product information can be a challenge – so, for those who are not, it can easily lead to bad outcomes or harms.

MorganAsh’s managing director, Andrew Gething, joined LV= to talk about finding care for family and loved ones in their later life.  They were joined by Andrew Gething from MorganAsh, who shared how CareNavigator can be used to help vulnerable clients navigate their way through the complexities of the adult social care system. 

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.

In its July 2024 research report, Which? identified some serious shortcomings in the insurance claims process. In this webinar, we were joined by Alastair Reed, from Which? and protection specialist Alan Knowles, who helped us unpick the findings from this damning report.

This webinar features Meg Kirby, founder of LegaCare, discussing the severe impact of ‘bad outcomes’ on vulnerable customers through powerful case studies. Johnny Timpson OBE adds broader insights. 

AI is being heralded as a silver bullet for many issues – and customer vulnerability is no exception. But how real is that assumption? Where is the technology now and what role can it play in identifying and managing vulnerable customers?

This webinar looks at how prioritising customer vulnerability can be a key component of an organisation’s success. In today’s competitive environment, addressing customer vulnerability is not just a regulatory requirement but also a business opportunity.

Equity release’s very nature as a product means that the need to assess, identify and manage vulnerable customers is always of paramount importance. This webinar tackles this topic in depth, with an outstanding lineup of contributors.

The FCA’s customer vulnerability survey, sent to many firms, is a clear step towards finding out the financial services sector’s progress on Consumer Duty. We discuss what can be learned from this exercise.

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.

The FCA continues to ramp up pressure on firms, to ensure that vulnerable customers’ outcomes are as good as those for other consumers. As we approach the first Consumer Duty assessments, the regulator has raised concerns that some firms are not prioritising support for vulnerable customers, whilst others have recorded having no vulnerable customers in their customer base – an untenable statistic, given that 50% can be classified as vulnerable at any point, and that most of us will be vulnerable during our lives (few people don’t experience a bereavement, for example).

If vulnerable consumers must go through an assessment for every engagement with each services provider then it’s going to be pretty tiresome for them. It will make their lives worse, not better – in itself, a poor outcome. The recognised ideal is ‘tell us once’ – and this can only work where we can share vulnerability data.

It’s statistically certain that some of your customers will be affected by some form of addiction – one in ten people are, whether it’s the people themselves or someone close to them. Consumer vulnerability regulations say that you can’t ignore this – but, equally, what should you do? This webinar explores the options and obligations for those who discover that a customer is vulnerable – with an alcohol, drug or substance use addiction. What do industry regulations require you to do? What shouldn’t you do? Are there further steps you could take as a concerned supplier – and fellow human? What are the pros and cons of helping out or stepping back? And what do you do if this is a past addiction, which is now reportedly managed by the consumer?

The FCA: “Those who are repackaging existing data are failing.” Consumer Duty: at the end of the day, it’s all about the data. Without data, there’s no evidence; without data, you can’t attest; without data, you can’t measure or benchmark. This webinar looks at real-life examples of two organisations which are gathering consumer vulnerability and outcome data and turning that data into meaningful reports. We also cover using it to ‘do good business’ – because the more we understand our customers, the better our customer engagement, retention, intergenerational servicing – and our reputation.

How understandable are firms’ communications? How well do they work for those with learning disabilities, a lack of financial understanding, language disorders, poor English skills, hearing problems, or poor sight? Setting these aside, clarity of communications affects all consumers. This webinar examines the requirements of Consumer Duty – and how organisations can best implement communications strategies to address any shortcomings which may lead to potential harms. The webinar will be hosted by Peter Labrow, head of marketing at MorganAsh. He chatted with Andy Kirby, CEO and co-founder of Money Alive and co-founder of Adviser Home, and Robin Harries, lead consultant at communications business Quietroom.

The FCA requires that all firms must report on the impact on vulnerable customers for each and all of the four outcomes of Consumer Duty. But from where do we get the vulnerability data for these reports? This webinar examines the output: the vulnerability reports required for firms to ensure that they provide good outcomes – and the evidence that they are meeting Consumer Duty.