Vulnerable customers, digital inclusion: An interview with Howard Taylor, a director at PwC’s risk and compliance practice
Description
UK financial services firms are still falling short when it comes to their vulnerable customers. The Financial Conduct Authority (FCA) explored the issue in its March review, highlighting that the financial services industry is still not doing enough. To unpack the challenge, Niece Prayoonrat, a reporter at Corylated, speaks to Howard Taylor, a director at PwC’s Risk and Compliance Transformation Consulting practice.
Howard participated in the FCA’s panel launching its most recent work on vulnerability and has advocated for a needs-led and customer-focused approach to vulnerable customers. He also offers valuable insights as a wheelchair user.
In this episode, Niece and Howard discuss how organisations and regulators can better serve those who are sometimes left behind. Howard addresses how product and business teams can design products with vulnerable customers in mind, whether a one-size-fits-all approach might actually be harmful, and the overarching vision from current government workstreams.
Links:
Banks fail vulnerable customers; most UK adults reluctant to disclose status
UK elderly fraud victims lose £4,000 per scam, research says
Smart data central to next evolution in banking services
Delivering good outcomes for customers in vulnerable circumstances – good practice and areas for improvement (UK Financial Conduct Authority)
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