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In the latest update to MARS, MorganAsh has added new functionality to record how and when suggested support (next steps) are recommended to clients, as well as their clients’ reactions and whether they take-up the recommendations.
MorganAsh, a support services provider to the financial services and utilities sectors, has launched a series of workshops on customer vulnerability, to help firms get to grips with the topic and meet the requirements of Consumer Duty.
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.
Recently, the FCA published the terms of reference for its review of the pure protection market, following consultation on the review’s scope and approach. While many of those who are tired of being ‘bundled in’ with general insurance welcome this market study, the elephant in the room is commission – or, to be more specific, commission bias.
Customer vulnerability is like any journey. Set off with the wrong destination in mind and that’s where you’ll end up – the wrong place. Many firms succumb to the same pitfalls when setting out on their customer vulnerability journey – and then find they are adrift in terms of outcomes, customer support, reporting and compliance. With the FCA announcing the findings of its vulnerability review, we look at the ten most common pitfalls.
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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