Welcome to the Vulnerability Matters podcast from the Money Advice Trust. A series that examines from a range of perspectives how firms are supporting consumers in vulnerable situations.
Vulnerability outcomes: how do we meet FCA expectations?
Back in February, The Financial Conduct Authority published its finalised vulnerability guidance. As firms continue their work to translate these expectations into practical action, it is made clear by the FCA that firms need to be able to evidence that their outcomes for vulnerable customers are as good as those of other customers.
So, just what is an 'outcome' and how do we decide which outcomes we need to monitor? Why do they matter so much when it comes to vulnerability? and most importantly, how do firms go about doing all of this?
Joining Vulnerability Lead Consultant Chris Fitch to answer these questions and more are:
Peter Tutton - StepChange, Head of Policy
Jane Rodrick - Lloyds, Head of Customer Vulnerability
Ian Phillips - Vulnerability Academy, Co-Facilitator.
Find out more about the Vulnerability Academy in partnership with UK Finance here: https://www.ukfinance.org.uk/events-training/vulnerability-academy-improving-outcomes-customers-vulnerable-circumstances
Lived experience and vulnerability
‘Expert by experience’ is increasingly recognised as an approach to help ensure markets are inclusive, especially for customers in vulnerable circumstances. Charities and people with a lived experience of vulnerability want to increasingly shape the thinking and practice of organisations.
Most regulators (including the FCA) recognise this and expect firms to consider such an approach. However, just how do organisations practically do this when there are 28 million vulnerable customers (all with different needs) and just 24 hours in a day to make this all work?
Our latest podcast recorded as part of MALG's Virtual Connect, brings together five experts to explain just what an ‘expert by experience’ is, how organisations go about selecting which experts and charities to work with and what difference this engagement can make to the way in which organisations operate.
Joining our Vulnerability Lead Consultant, Chris Fitch are:
Multi award-winning disability campaigner and Euan’s Guide Ambassador, Jon Attenborough.
Head of Customer Vulnerability, Strategy, Insight and Engagement at Lloyds Banking Group, and Vulnerability Academy graduate Jane Rodrick.
Chair of the Money Advice Hub, St Georges House Leadership Fellow, and service design innovator, Sam Nurse.
Managing Director at Three Hands, an organisation that brings people with lived experience of vulnerability with organisations who want to understand and connect with the lived experience perspective, Jan Levy.
Head of Corporate Engagement at Fair By Design (funded by the Barrow Cadbury Trust), Carl Packman.
The finalised FCA vulnerability guidance for firms: content, surprises and outcomes
To mark the release of the finalised FCA vulnerability guidance, the Money Advice Trust held a special webinar to discuss what the guidance means for firms and how you and your organisation can change the regulator’s expectations into reality for your customers.
Joining Vulnerability Lead Consultant, Chris Fitch for a very special discussion on the content of the FCA guidance are:
- Sarah McKenzie - FCA, Head of Consumer Strategy and Policy
- Mike Songer - Lloyds, Director Group Customer Vulnerability
- Fiona Turner - UK Finance, Head of Vulnerability
- Tim Hawley - Capital One, Head of Customer Vulnerability
- Ian Phillips - Vulnerability Academy, Co-Facilitator
Listen for insight, practical discussion, and the opportunity to hear directly from the FCA what your firm should do in response to vulnerability.
You can also download our new free whitepaper to help your firm meet the FCA expectations and achieve positive outcomes for your vulnerable customers here: https://mailchi.mp/fd7a2c10e676/meeting-expectations-and-achieving-outcomes
Launch event: new guidance on inclusive design in essential services
There is an increasing focus on inclusive design from industry regulators and firms themselves. But what does ‘inclusive design’ really mean? How can firms – and regulators - translate this concept into practical action to make sure that products, services and markets work well for all?
Marking the launch of two new, practical guides on inclusive design for firms and regulators by the Money Advice Trust and Fair By Design, this podcast explores these questions and more – giving you practical tips on how to utilise inclusive design in your own work.
To download the guides mentioned in this podcast: https://mailchi.mp/moneyadvicetrust.org/design
Chaired by the Money Advice Trust's Vulnerability Lead Consultant Chris Fitch, you will hear from:
- The author of the practical guide for firms, Bailey Kursar.
- Martin Coppack, the Director of Fair By Design giving an overview of the new guides.
- Jenny Smedley, Head of Customer Segmentation & Propositions, Lloyds Bank.
- David Atkins, Head of Group Customer Vulnerability, Lloyds Bank.
- An expert by experience who will talk about the practical difference that inclusive products, services and markets can make.
Vulnerability, GDPR, and disclosure
To mark the launch of new GDPR guidance from the Money Advice Trust and Money Advice Liaison Group Ltd (MALG), we discuss how firms can meet data protection regulation and support customers in vulnerable circumstances.
You will hear from two of the authors of the guide, Chris Fitch – Money Advice Trust Vulnerability Lead Consultant – and Robert Bell – a data protection expert.
They will be joined in conversation by;
Paul Smee, Chair of MALG
Nina Best, Senior Legal Counsel and Data Protection Officer, Capital One
Dan Holloway, Writer and Lived Experience Expert
The panel will discuss how firms can meet data protection regulation and support vulnerable customer needs, while keeping this process practically simple.
You can download the guides here: https://mailchi.mp/moneyadvicetrust.org/vulnerability-gdpr-and-disclosure-practical-guidance-for-creditors-and-advisers
Identifying and supporting vulnerable customers: part 2
Part 2 of the vulnerability and identity conversation:
As we now focus on the move from identification to conversation with customers in vulnerable circumstances, our expert panel discuss how firms can start these important conversations, the techniques that exist for doing this and – most critically – how do we get customers to welcome our intervention?
Joining Chris Fitch in the identification conversation to share their strategies are:
Laura Tough - Nationwide
Dan Clarke - Monzo
Mark Fiander - Gain Credit
Dr Elizabeth Blakelock - Citizens Advice
Subscribe to our Vulnerability Matters newsletter for updates on future webinars: https://mailchi.mp/moneyadvicetrust.org/vulnerability-matters-newsletter