The Chartered Insurance Institute’s “Managing customer vulnerability in insurance and personal finance” Guide addresses the remaining challenges of managing customer vulnerability across the product lifecycle and translating principle-based regulation into practical action.
Co-authored by Martin Grimwood of FWD Research, Director, Vanessa Riboloni, Head of Research and Insight, Chartered Insurance Institute & Andrew Gething, Managing Director, MorganAsh, the guide provides practical guidance, including checklists and real-world examples, covering:
- Understanding vulnerability
- Operational frameworks
- Data and systems infrastructure
- Enabling elements
- Implementation pathways
Research shows data is the most significant implementation challenge for firms’ and is not adequately covered in existing published guidance.
This guide addresses this gap by providing actionable recommendations on the data structures, processes and systems needed to identify vulnerabilities, deliver tailored support, measure outcomes and evidence Consumer Duty compliance.
This is particularly timely as the FCA moves toward “principles with proof”, requiring firms to demonstrate through evidence (not just processes) that vulnerable customers achieve good outcomes.
We hope this guide provides practical support for your firm’s Consumer Duty and vulnerability management journey.
Click here to visit the CII page where you can download the full guide
