MorganAsh recently hosted a webinar featuring Jess Trueman, Head of Business Development at Smart Money People, alongside James Edmond and Martin Grimwood, to explore how businesses can enhance their board reporting on vulnerable customer data under the Consumer Duty framework.
The discussion centered on aligning data practices with the Financial Conduct Authority’s (FCA) expectations, emphasizing actionable insights over mere compliance.
A key point was the need to move beyond treating vulnerable customers as a uniform group.
Vulnerability varies widely—some individuals may face financial difficulties, while others contend with health challenges or other personal circumstances.
The webinar stressed that businesses must categorize these distinct needs to provide tailored support. By doing so, firms can address specific pain points, improving outcomes for those most at risk.
This nuanced approach aligns with Consumer Duty’s focus on ensuring fair treatment and positive results for all customers, particularly those in vulnerable situations.
Another critical takeaway was the importance of connecting data to tangible outcomes.
Collecting information about customers is a starting point, but the real value lies in analyzing whether vulnerable customers receive equitable service and results compared to others.
This outcome-focused approach helps businesses assess their performance against Consumer Duty requirements, ensuring they don’t just meet regulatory standards but actively enhance customer experiences.
The FCA expects firms to demonstrate that their efforts lead to measurable improvements, making this linkage between data and outcomes a cornerstone of effective reporting.
Perhaps the most striking insight was the FCA’s insistence that data must drive action.
Gathering and analyzing information is insufficient unless it leads to concrete changes.
That’s mainly why businesses are urged to regularly review customer outcomes, pinpoint where support falls short, and implement fixes.
This proactive stance is essential for compliance and for proving to regulators that strategies genuinely benefit vulnerable customers.
The webinar underscored that board reporting should reflect these data-driven steps, offering clear evidence of progress rather than static metrics.
For firms seeking tools to meet these demands, Smart Money People highlighted their impartial review data and surveys as resources to evidence outcomes and gather sensitive feedback securely.
While these offerings provide practical support, the broader message was clear: Consumer Duty demands a shift from simply passive data collection to active, outcome-oriented strategies.
The MorganAsh webinar illuminated how businesses can refine their approach to vulnerability, ensuring they not only comply with regulations but also deliver meaningful support where it’s needed most.