ROAR Insights

Summary The 2022 Vulnerable Customer Exclusion Report highlights the escalating challenges vulnerable customers face in the UK, exacerbated by the cost-of-living crisis, high inflation, and the aftermath of the COVID-19 pandemic. Businesses are called to take urgent, cohesive action to support these individuals, with a focus on using existing tools like the Vulnerability Registration Service (VRS) to identify and assist vulnerable customers proactively. Key Points Vulnerable customers are increasingly sidelined due to businesses’ failure to translate good intentions into effective… Read more

Summary The European Consumer Payment Report 2023 highlights the economic challenges facing consumers amid rising inflation, interest rates, and the cost-of-living crisis. With financial pressures mounting, spending behaviors and attitudes towards debt and payments are shifting, prompting concerns for both consumers and businesses. UK Summary Key Points The UK is experiencing a significant cost-of-living crisis, severely impacting household finances.Inflation and rising interest rates have led to reduced spending power for a majority of UK consumers compared to the European average.A… Read more

Summary The webinar hosted by Morgan Ash discussed the importance and challenges of sharing vulnerability data within the utility and financial services sectors. Experts including Dr. Chris Fitch, Vaughn Jenkins, and Johnny Timpson OBE shared insights on the current practices, potential benefits, and concerns regarding data sharing for supporting vulnerable consumers. Key Points Morgan Ash has developed Mars, a software system for assessing and managing vulnerable customers.Utility firms in the UK share vulnerability data, covering 30-50% of consumers.Financial services are… Read more

Summary The FinTech futures webinar titled “Beyond the Hype: Exploring the Real-World Use Cases for AI in Financial Services” brought together industry experts to discuss the current and future state of AI in the financial services sector. With a focus on practical applications, the discussion shed light on how AI, particularly generative AI, is being utilized to solve real-world problems, enhance customer experiences, and drive operational efficiencies within financial institutions. Key Points AI has transitioned from hype to practical enablement… Read more

Summary The Financial Conduct Authority (FCA) outlines the implementation of Consumer Duty, highlighting areas of good practice and improvement needed among firms. The Duty, effective from July 31, 2023, aims for firms to deliver good outcomes for retail customers, emphasizing the need for proactive measures against consumer harm. Key Points Consumer Duty came into effect for open products and services on July 31, 2023.Firms are encouraged to deliver better outcomes for customers, with some lagging behind.The Duty requires firms to… Read more

Summary The Financial Crime Guide (FCG) November 2023 edition offers comprehensive guidance for firms across all FCA-supervised sectors to counter financial crime risks. It integrates insights from FCA and FSA thematic reviews and includes additional material covering the breadth of financial crime, including money laundering, bribery, corruption, fraud, data security, sanctions, asset freezes, and market manipulation. The guide emphasizes the importance of effective systems and controls, regular updates based on new insights, and adherence to regulatory requirements to prevent and… Read more