ROAR Insights Members

Published by: Financial Conduct Authority (FCA) Search for original: Link Key Take Aways There is a recognised need to support customers in vulnerable circumstances, given their susceptibility to harm and diverse needs. The FCA conducted a comprehensive review evaluating firms’ actions, outcomes for customers, and the relevance of existing guidance under the Consumer Duty. Many firms demonstrate positive practices and exhibit increased awareness, culture change, and tailored support towards vulnerable customers. Consumer research indicates that, despite improvements, consumers in vulnerable… Read more

Published by: FCA Search for original: Link Key Take Aways Most firms are proactively considering customer needs, deploying effective frameworks that tailor support and monitor outcomes. Personalisation and understanding of customer characteristics, including vulnerability and language proficiency, are vital in designing customer support. Digital support channels are enhanced to lead to better outcomes, with some firms integrating automated tools and signposting to improve accessibility. Common areas for improvement include aligning support processes with target markets and ensuring post-sale support is… Read more

Published by: plainnumbers.org.uk Search for original: Link Key Take Aways The Plain Numbers Approach has demonstrated a doubling of customer understanding across five independent randomised controlled trials since initial trials in July 2021. More than thirty market-leading organisations are now supporting the incorporation of the Plain Numbers Approach into their customer communications. The approach is built on behavioural science, psychological insights, and adult numeracy support, aiming to enhance communication clarity. The partnership model involves a minimum of three years, providing… Read more

Published by: Financial Conduct Authority Search for original: Link Key Take Aways The FCA’s final rules build upon proposed frameworks to enhance operational resilience across the UK financial sector, focusing on important business services and impact tolerances. Firms are required to identify their important business services, with an emphasis on services that could cause intolerable harm or threaten market stability if disrupted. The policy applies to a broad range of firms, including banks, investment firms, insurers, RIEs, and certain authorised… Read more

Published by: FCA (Financial Conduct Authority) Search for original: Link Key Take Aways The premium finance market is integral to 48% of motor and home insurance policies, with reliance especially pronounced among vulnerable segments unable to afford lump-sum payments. Premium finance is primarily utilised for its convenience, allowing consumers to spread insurance costs across multiple payment channels, including online, telephone, and in-store. A significant proportion of consumers (60% motor, 41% home) pay via instalments due to affordability constraints rather than… Read more

Published by: Enforcement Conduct Board Search for original: Link Key Take Aways The enforcement sector demonstrates high compliance with National Standards, with 94% of visits adhering fully to guidelines. Despite overall compliance, breaches occur predominantly around privacy breaches, vulnerability recognition, enforcement hours, and conduct that could cause public embarrassment. Recognising and responding to vulnerability is notably deficient, with only 8 examples of agents acknowledging vulnerabilities during interactions. Enforcement actions outside the permitted hours (6am–9pm) account for 1% of breaches, often… Read more