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.
Although the survey is substantial, it’s no surprise really that some of the questions may be challenging for many firms. Our panel looks behind the questions and what the FCA is trying to establish. We look at some of the research’s findings – including around the cost of living and affordability, which is having a massive impact on the lives of many people in the UK. 14% of people felt heavily burdened by domestic bills and credit commitments, 11% had missed paying bills in the last 6 months and 28% were not coping financially. While such results may be an improvement over the 2020 survey, they are worse than the FCA’s historical data.
Join our webinar to delve into the vulnerability survey. What firms are doing – and why these questions are being asked. It will provide an assessment of the expectations set forth by the FCA. We will explore how the survey’s focus areas align with the Consumer Duty and vulnerability regulations, offering practical insights into how firms can accurately identify and support vulnerable customers. Attendees will gain clarity about responding effectively to this and future surveys, preparing for potential follow-ups, and ensuring regulatory compliance.
Speakers
Branko Bjelobaba
Branko is an accomplished educator, specialising in Consumer Duty, fair value, multi-occupancy, COVID business interruption claims, culture/conduct/behaviour and financial rules. He is a prolific and respected industry commentator, calling out the good and bad, an Insurance Times Awards judge and a regular speaker for the largest social mobility charity – Speakers for Schools. Branko Ltd works closely with BIBA and its members.
Philip Michell
Philip Michell is a consulting director within Davies Consulting Division’s Customer Experience practice. He is focused on vulnerable customer strategy, identification and support; complaints optimisation; and delivering effective change in customer service operations. He has led Davies Consulting Division’s comprehensive approach to supporting clients in effectively identifying and supporting their more vulnerable customers including the launch of Davies’ annual vulnerable customer summit.
Andrew Gething
Andrew is the founder and managing director of MorganAsh. Andrew, a recognised consumer vulnerability specialist and champion, is the driving force behind the award-winning consumer vulnerability management tool, MARS – adopted in the financial services, credit and utilities sectors.