Consumer Duty compliance: Data driven strategies to turn FCA insights into action
30 April
In December 2024 the FCA released the findings from its review of how firms prepared their first annual Consumer Duty board report. The FCA highlighted good practices as well as areas for improvements that firms should consider before submitting their reports ahead of the 31 July deadline.
In this webinar we were joined by industry experts to explore the key takeaways from the FCA’s review and the guidance it has provided.
Listen back to our discussions about the FCA’s recent findings and what they mean for firms preparing their next reports. We explored how organisations identify and categorise vulnerable customers, using data to build a more holistic view of their needs and ensuring compliance through effective reporting.
Our speakers also shared insights on how firms are creating targeted support, measuring its impact and demonstrating good outcomes in their board reports.
Listen back to hear
- Context on the FCA review: Kevin Still, Consumer Duty Services DEMSA
- Know your vulnerable customer – turning data into action: Stuart Murgatroyd, Data On Demand
- Identifying and categorising the different types of vulnerabilities: Andrew Gething, MorganAsh
- Best practice and MI for income maximisation: Stuart Bungay, Policy in Practice
- Discussion and Q&A
Guest speakers
Listen back to our speakers
Many firms still think compliance is a tick box exercise, but the reality is, there’s no hiding place. Firms have had years to embed good practice and now the FCA is following up with real scrutiny and you need solid evidence to show you're meeting the Duty.
Vulnerability is not a binary issue, it's not yes or no, which is why we have this range of 1 to 10. Quite frankly, without a method of classification of characteristics, then everything is very subjective.
We match the data against six different data sources and we can show hundreds of different indicators that align with the FCA's characteristics to pinpoint exactly which customers are suffering vulnerabilities. It's really important that we're helping to create better outcomes for these customers and this is where the Policy in Practice benefits calculator comes into play.
