Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence Season 5, Episode 5: The challenge of increasingly vulnerable customers
Jun 14, 2022
42:13
In the fifth episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Rachel Wolcott Engler to look at the compliance challenges posed by increasingly vulnerable customers.
Compliance officers are used to the concept of vulnerable customers and the need to take additional care to ensure consistently good customer outcomes but with a cost-of-living crisis, digital transformation and a new UK consumer duty the challenges are growing.
Links to content referenced in the discussion:
UK Finance vulnerability academy https://www.ukfinance.org.uk/events-training/vulnerability-academy-october-2021
Article on giving FCA a "have regard to" financial inclusion https://www.jdsupra.com/legalnews/call-for-fca-to-be-required-to-have-6787510/
Firms & individuals getting it wrong in past:
Lloyds mortgage customers 2017 https://www.fca.org.uk/news/press-releases/lloyds-banking-group-redress-scheme-mortgage-arrears-customers
Moneybarn fine https://www.fca.org.uk/news/press-releases/fca-fines-moneybarn-277m-unfair-treatment-customers-arrears
Steven Martin of Quick Purchase https://www.fca.org.uk/publication/final-notices/final-notice-steve-martin-quick-purchase.pdf
Wonga redress notice https://www.fca.org.uk/news/press-releases/wonga-pay-redress-unfair-debt-collection-practices#:~:text=Wonga%2C%20the%20UK's%20biggest%20payday,and%20misleading%20debt%20collection%20practices.
Useful FCA guidance:
Guidance on fair treatment of vulnerable customers https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers
Persistent credit card debt https://www.fca.org.uk/news/press-releases/fca-tells-credit-card-firms-review-their-approach-persistent-debt-customers
Arrears, payment shortfalls and repossession chapter of Handbook https://www.handbook.fca.org.uk/handbook/MCOB/13.pdf
FCA speeches
https://www.fca.org.uk/news/speeches/keeping-pace-rising-costs-improving-financial-inclusion-consumers
https://www.fca.org.uk/news/speeches/supporting-consumers-challenging-times
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
Compliance officers are used to the concept of vulnerable customers and the need to take additional care to ensure consistently good customer outcomes but with a cost-of-living crisis, digital transformation and a new UK consumer duty the challenges are growing.
Links to content referenced in the discussion:
UK Finance vulnerability academy https://www.ukfinance.org.uk/events-training/vulnerability-academy-october-2021
Article on giving FCA a "have regard to" financial inclusion https://www.jdsupra.com/legalnews/call-for-fca-to-be-required-to-have-6787510/
Firms & individuals getting it wrong in past:
Lloyds mortgage customers 2017 https://www.fca.org.uk/news/press-releases/lloyds-banking-group-redress-scheme-mortgage-arrears-customers
Moneybarn fine https://www.fca.org.uk/news/press-releases/fca-fines-moneybarn-277m-unfair-treatment-customers-arrears
Steven Martin of Quick Purchase https://www.fca.org.uk/publication/final-notices/final-notice-steve-martin-quick-purchase.pdf
Wonga redress notice https://www.fca.org.uk/news/press-releases/wonga-pay-redress-unfair-debt-collection-practices#:~:text=Wonga%2C%20the%20UK's%20biggest%20payday,and%20misleading%20debt%20collection%20practices.
Useful FCA guidance:
Guidance on fair treatment of vulnerable customers https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers
Persistent credit card debt https://www.fca.org.uk/news/press-releases/fca-tells-credit-card-firms-review-their-approach-persistent-debt-customers
Arrears, payment shortfalls and repossession chapter of Handbook https://www.handbook.fca.org.uk/handbook/MCOB/13.pdf
FCA speeches
https://www.fca.org.uk/news/speeches/keeping-pace-rising-costs-improving-financial-inclusion-consumers
https://www.fca.org.uk/news/speeches/supporting-consumers-challenging-times
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2