Delivering good outcomes for vulnerable customers

Delivering good outcomes for vulnerable customers

Is your firm meeting the FCA’s expectations?

This session will focus on the FCA’s rules and requirements around Vulnerability through a Consumer Duty lens.

The regulator has had this on their agenda for a long time now and has made it clear that firms should, by now, have made a practical shift towards ensuring those customers most susceptible to harm are receiving good outcomes.

The FCA expects firms to understand and respond to the needs of customers in vulnerable circumstances, delivering outcomes as good as those that others receive.

It should be no surprise that this subject is very topical.

Very recently the FCA announced a review into how firms are acting in response to the needs of vulnerable customers, and initial findings are expected to be shared at the end of 2024.

So, it goes without saying that firms should constantly have this on their radar!

The objectives of the session:

• To gain an overview of the FCA’s expectations relating to vulnerability, through the lens of the Consumer Duty
• To gain an understanding of what firms need to do and gain some practical tips
• Understand the benefits of getting this right and the consequences of not doing so.

Who should attend:

• Board members including Non-Executive Directors
• Senior managers
• Consumer Duty Champions
• Vulnerability Champions
• Risk and compliance staff
• Anyone responsible for staff training, sales, monitoring/second line assurance, customer service, product design
• Anyone responsible for the firm’s Customer Journey

Allison Belben

A Devon native, Allison has over thirty years of regulatory compliance experience, undertaking various compliance roles across financial services. Allison also spent ten years at the FCA, where she worked as a trainer (for the industry and FCA staff), on the introduction of the ICOB rules and supervised regulated firms. She has worked (remotely) for Create Solutions for 3 years, supporting and training our clients to navigate choppy regulatory waters.

Allison returned home to Devon 10 years ago and now lives in Bovey Tracey, tucked under the Southeastern edge of Dartmoor. Outside of work you can generally find her getting wet and muddy, growing, swimming or being dragged across Dartmoor by her dogs.

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