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How Consumer Duty affects vulnerable customers

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5th June 2024 11:00am


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How consumer duty affects vulnerable customers

The FCA believes that almost half of UK adults are affected by its characteristics of vulnerability. And in its new Consumer Duty, the regulator makes it clear how much harder it expects firms to work to identify and help vulnerable customers. But it’s also clear that the FCA isn’t happy with the speed of improvement. It’s now announced a review into what firms are doing to better assess and serve vulnerabilities.

We’ve invited Keith Richards, founding director and CEO of the Consumer Duty Alliance (CDA), to help us understand whether firms are stalling and what they need to do to satisfy the new regulatory strictures. He’ll talk practicalities: what does Consumer Duty mean for your communications with these customers – a few tweaks here and there, or a wholesale overhaul of your approach?

As usual, there’ll be lots of time for questions and comments.

Wednesday Wisdom is a weekly learning hour at Quietroom. An invited expert, or one of our own team, introduces an interesting topic that connects to pensions, investment or insurance, and we chat about it. Once a month we open up the event to friends of Quietroom too – so do join us if you’re free. If you can’t make it, sign up anyway and we’ll send you a link to the video recording afterwards.

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