Webinar: Supporting customers through the cost-of-living crisis

The outlook for the UK’s economy is fairly bleak.

The Bank of England raised interest rates on 3rd November 2022 and has warned the UK is heading for its longest recession since the 1930s Great Depression. Customers across the country are being affected by the rising cost of living, and those with vulnerable characteristics will require appropriate levels of support.

Under the FCA’s Consumer Duty, firms will be required to ensure they are delivering good consumer outcomes, and this session will explore regulatory expectations arising from recent FCA communications.

Households with the lowest levels of income are affected the most by the rising cost of living. According to the FCA’s 2022 Financial Lives survey data, low-income households already tend to be less insured, are more likely to pay their insurance monthly and often pay higher premiums.

The Consumer Duty rules come into force next July, to help deliver good outcomes for customers. Against this backdrop firms are facing challenges, including many small and medium sized enterprises (‘SMEs’), such as higher costs (energy costs) and staffing issues.

The FCA has previously stated “We expect the fair treatment of vulnerable consumers to be taken seriously by firms, and embedded into their culture, policies and processes throughout the whole consumer journey” and “ Firms can expect us to ask them to demonstrate the actions they have taken to ensure their staff have the right skills and capability to respond to the needs of vulnerable customers”.

Learning objectives:
By attending this event delegate will be able to:

• Understand the drivers behind the rising cost of living
• Consider the future of the UK economy
• Explore the FCA’s 2022 Financial Lives survey data
• Know how to respond to regulatory expectations of firms in the insurance sector on: (i) cost of living and insurance; and (ii) the Consumer Duty
• Identify a range of practical steps to support customers facing financial challenges

Adrian Golifer (Create Solutions Consultant)
Adrian is a consultant for Create Solutions Ltd and has over 30 years’ experience in financial services compliance, risk management and regulation. Adrian worked for the UK’s financial conduct regulator, the FCA, for over 10 years. He supervised and trained an extensive range of firms including General Insurance brokers, Mortgage brokers, IFA’s, Asset Managers, and Stockbrokers.