Firms' indirect client vulnerability checks risk 'scaring' clients

The support services provider sounded the warning as it said some manufacturers were trying to obtain vulnerability data by using external sources such as "credit scores and socioeconomic data".   The business warned that obtaining information "by the backdoor" put client relationships at risk as well as potentially failing under Consumer Duty protections. It explained that under Consumer Duty firms are mandated to identify and assess vulnerable customers, and then monitor outcomes across the lifetime of their financial products. Managing director Andrew Gething said taking an indi...