Identification remains weakest link in vulnerability assessments

The Chartered Insurance Institute (CII) recently published a White Paper that seeks to support firms' compliance with the Financial Conduct Authority's (FCA) reporting requirements under the Consumer Duty. One of the many recommendations that the CII makes to firms focuses on how those firms can identify whether they have a robust understanding of vulnerability for their customer base. This process should be one that "enables them to develop informed vulnerable customer strategies that will lead to good outcomes for all customers, including those with characteristics of vulnerability". ...