Advisers could be faced with up to 400 different variations in characteristic and circumstance that lead to customer vulnerability under Consumer Duty, MorganAsh warns.
Managing director and vulnerability specialist Andrew Gething said training advisers and frontline staff in firms to identify and manage vulnerabilities is also "not enough" to be Consumer Duty compliant. "It's not only a massive undertaking to train all staff but unrealistic for advisers to remember all the information required," he stated. Over 400 different types of vulnerability were identified by MorganAsh using its resilience system tool, with Gething warning advisers will need to know how to signpost different clients to the right support. As examples, these could include he...
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