Consumer Duty and Protection: Consumer Characteristics

To understand vulnerability, and product suitability, the financial services sector must understand consumer characteristics - including health and lifestyle. While this is an important part of the new Consumer Duty, it does allow firms to highlight the need for protection of assets to the consumer. This is a great opportunity for the protection industry to piggyback on intermediaries' collection of consumer characteristics data to identify the need for protection. While there have been some successes, the protection industry has for years struggled to engage with both the mortgage an...