Eric Armstrong, recruitment and development executive at In Partnership, outlines three areas with some practical tips to help advisers comply and deliver ‘good outcomes’...

The report summarises that ‘firms should not have to overhaul the way they work, but complying with new expectations may mean more administrative work'.

44% of vulnerable customers reported a negative experience with financial services firms.

A third of respondents paid a fee based on a percentage of the loan sum in spite of Consumer Duty regulation.

Andrew Gething, managing director at MorganAsh, breaks down concerns around recording and storing customer vulnerability data, and explains how they can be overcome. 

Anecdotal evidence suggests that some firms are avoiding collecting and storing customer vulnerability data to avoid a perceived conflict with GDPR.

Over a third of advice firms believe there’s been no progress towards the Consumer Duty’s Products and Services outcome.

Nearly half expressed a need for deeper understanding around the drivers and the importance of identifying vulnerable customers.

The regulator says it will take action if it doesn't see improvements.

Advise Wise members can now access Comentis' vulnerability assessment tool.