FCA finds ineffective monitoring of outcomes for vulnerable customers
The Financial Conduct Authority has reported ineffective outcomes-monitoring for vulnerable customers by financial services firms, with some businesses lacking clarity on what good looks like, and failing to have clear measurements.
The FCA also revealed firms were not escalating issues or making changes where needed.
The regulator explained: “Anyone can become vulnerable due to health, life events, ability to withstand financial or emotional shocks, or because of poor financial or digital literacy.”
Areas for improvementIneffective outcomes monitoring: Most firms in the multi-firm work into outcomes monitoring were unable to show how they effectively monitor and take action on outcomes for customers in vulnerable
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
NFP deal to turbocharge Bspoke’s growth – Smyth
Tim Smyth, Bspoke CEO, predicts accelerated growth for the collection of managing general agents following the NFP deal last week, as he explains there will not be a dependency and the broker will not be at the front of the queue.
Insurtech incubator secures Lloyd’s broker status
Insurtech Gateway, specialist insurtech incubator supporting managing general agents and SaaS founders, has secured Lloyd’s broker status.
Lloyd & Whyte Group grows again in 2024 with three deals and a sale
Somerset-based Lloyd & Whyte Group grew turnover by 5.9% in 2024, in a year it made three acquisitions and returned to pre-tax profit with a sale.
People Moves: 11 – 15 August 2025
Keep up to date with the latest personnel moves in insurance.
‘We have to keep earning the right to be number one in the market,’ says Aviva’s Storah
Jason Storah, CEO for UK and Ireland general insurance at Aviva has said it will continue to improve service levels, proposition and technology for brokers during the rest of the year, as he hailed the performance of growing premiums and profit in the first six months.
Broker Expo 2025 Countdown: Beazley’s Sam Franks
As we count down to Broker Expo in October, we caught up with Sam Franks, country manager and head of partner engagement – UK and Ireland – at exhibitor Beazley, who explains how it can work with brokers to help clients build their resilience in an uncertain environment.
PremFina leaders tackle growth, profitability and regulation changes
As PremFina restructures for “the next stage of the journey”, chief product and revenue officer Laura Sweetman and chief strategy officer Danielle Medhurst share how it will partner with brokers en route to reaching profitability by the end of June next year and £1.9bn in premium finance volume by 2027.
Aviva UK operating profit soars 72% in H1 2025
Aviva achieved 9% growth in UK gross written premiums in the first half of the year to £3.87bn, with commercial lines up 15% and personal lines 3% ahead compared to the same period of 2024.