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MONEYLIVE PODCAST

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Vulnerable customer in view: identifying and overcoming the key challenges 

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In conversation with Helene Panzarino, Associate Director – Centre for Digital Banking and Finance, LIBF & Dave Pickering, Head of Consumer Duty Implementation, Virgin Money

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Published: 4 March 2024

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By May Moorwood

Digital Content Producer

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In the run up to MoneyLIVE Summit, we’ve partnered with the London Institute of Banking and Finance to explore how banks should be approaching Consumer Duty now the deadline for compliance has passed. From breaking down the FCA’s ten key questions for firms, to ensuring Consumer Duty efforts are effective across all customer bases, we spoke to two industry experts to unpack the top priorities for financial institutions. Join Helene Panzarino, Associate Director – Centre for Digital Banking and Finance at LIBF and Dave Pickering, Head of Consumer Duty Implementation at Virgin Money to gain insight on: 

• Episode One) Approaching the ten key questions: defining and delivering fair value  
• Episode Two) Exploring effective communication: ensuring understanding from both customers and staff 
• Episode Three) Vulnerable customer in view: identifying and overcoming the key challenges 

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• Meeting the needs of the target customer: how can banks ensure that products perform as expected? 
• Keeping the vulnerable customer in view: what are the risks to identify, and how can they be consistently monitored?   
• What are the characteristics of vulnerability and how can banks identify the customers most in need?  
• Acting on fair value assessments: how can fair value assessments be conducted effectively, and how can banks turn their findings into tangible ‘good customer outcomes’? 
• Ongoing evaluation: what does this mean in the context of data and MI monitoring of fair value? 
• How can banks ensure communication is clear, fair and not misleading? How can banks test communication effectiveness and act on results?   
• Effective communication with vulnerable customers: what are the key considerations?  
• Sustaining support beyond the sale: what are customers expecting from banks post-sale, and how does this differ from pre-sale? 
• Empowering employees through education: how can banks ensure every individual is informed of their responsibilities? 
• How can banks effectively evaluate their ability to deliver good outcomes to customers and put appropriate mitigants in place for risks identified?

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Listen to Episode Three now

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And join us next week for episode two, to hear Helene and Dave’s take on banks’ responsibility for communication under Consumer Duty, from educating employees on new regulatory demands, to ensuring customer engagement is clear and fair. 

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Hear from our expert panel:

Helene Panzarino, Director, CFSI, The London Institute of Banking and Finance

Dave Pickering, Head of Consumer Duty Implementation, Virgin Money

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Hungry for more insights? Why not join us at MoneyLIVE Summit to gain more insights on the latest trends…

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Matthijs Van Voorst

Director – Strategic Partnerships, ABN Amro

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Matthijs is Head of Partnership Development & Ecosystems at ABN AMRO. In his current role he concentrates on building and realising partnerships, mainly with FinTech / Sustainability (Tech) companies. His team is driving group level effort to discover new revenue – and business models in co-creation with partners, in close collaboration with the Strategy & Innovation teams and business lines. Partnerships are realised in many shapes in forms, including contractual arrangements, JV’s and strategic (equity) investments. Matthijs is deeply connected to the European innovation & financial ecosystems. Prior to ABN AMRO Matthijs held strategic- and commercial positions within the asset management industry. Matthijs holds an MSc degree from the London School of Economics and an LLm from the University of Amsterdam. Parallel to his corporate career Matthijs is an active angle investor.

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About The London Institute of Banking and Finance 

The London Institute of Banking & Finance (LIBF) is a registered charity incorporated by Royal Charter and a professional body with degree awarding powers.  Founded in 1879 as the Institute of Bankers, we have evolved to offer globally recognised executive training and professional qualifications to support the banking and finance sector around the world.  We’re an awarding body for finance sector qualifications including in regulated advice, and the home of CeMAP.  Our focus is on lifelong learning; equipping individuals with the knowledge, skills, and qualifications to achieve what they want throughout their career and life.  Our qualifications are relevant for a range of roles regardless of experience and allow individuals to tailor their learning, so they have the building blocks and professional skills to progress with pace.  We provide a balance of experience, insight and thought leadership for today’s financial world, delivered by industry leaders, thinkers, and members of our community.  We are The London Institute of Banking & Finance, lifelong partners for financial education.

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