Suitability Tests are an Accident Waiting to Happen

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Financial services providers and advisers are under increasing pressure from the Regulator to know the financial capability of the customers they target; to know that communications are understood, not simply well written; and to know that the risks associated with a product match the profile of the target segment. Products must be designed, built, communicated, launched and maintained with these in mind. So, with the prospect of a 'strong and decisive' FCA, future mis-selling liabilities need to be taken seriously. But how can we assess 'capability'? Demographics, wealth, and life stage are only clues to the depth of understanding and experience of potential customer segments. We explore how an industry-wide capability model could be developed, based on quantifiable consumer segments. And explore how an assessment of capability could be used not only to address risk and the regulator's need for due diligence, but also to open up options for strategy, product design and business models.

Speakers Include:

Toby Clark, Director of Research, EMEA, Mintel

Richard Hobbs, Head of Regulatory Consulting, Lansons Communications

Helen White, Head of Protection Insurance , ABI

Neil Bage, Founder, IMV

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