MorganAsh backs new guide to protect finance customers

By Vriti Gothi

MorganAsh has welcomed new guidance issued by the Chartered Insurance Institute (CII) and the Personal Finance Society (PFS), describing it as a step forward in how insurance and personal finance firms manage customer vulnerability. The publication, Supporting vulnerable customers: a practical guide for insurance and personal finance firms, aims to help firms convert the Financial Conduct Authority’s principle-based Consumer Duty into practical, operational frameworks.

The paper brings together insights from Consumer Duty specialists, vulnerability experts and individuals with lived experience, and is intended to support firms that have struggled to move from high-level regulatory principles to actionable processes.

Matthew Hill, chief executive of the CII, commented, “Effective vulnerability management is about more than regulatory compliance; it’s about creating a fairer, more resilient system. Firms that embed the principles of this guide into their culture and operations will not only meet expectations but also build stronger customer relationships and reputations.”

Carla Brown, president of the PFS, added, “I welcome this guidance as a significant step forward for our profession. Supporting clients in vulnerable circumstances is fundamental to good financial planning, and this practical framework gives firms clear direction on how to embed that responsibility into everyday practice. Our community is committed to raising standards and ensuring that every client, whatever their situation, receives the care, understanding and outcomes they deserve. This publication will help professionals across the sector strengthen their approach and, ultimately, deliver better experiences for the people who rely on us most.”

Johnny Timpson, chairman of MorganAsh and Absolute Military, said, “As a Financial Inclusion Commissioner and as Chair of specialist armed forces broker Absolute Military, I welcome the Chartered Insurance Institute’s Vulnerable Customer Guidance that supports the ambition of the Government’s Financial Inclusion Strategy and FCA Consumer Duty Regulation. I’ve long held that the test of our progress as an industry and profession together with the delivery of our professional body’s Royal Charter promise should not simply be measured in adding to the abundance of those we serve and/or improving their resilience to perils and shocks but importantly, in ensuring that the vulnerable customers we serve enjoy the same access, inclusion, protections and outcomes as anyone else.”