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Firms need help to better identify vulnerable customers

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Advisers tweak processes in light of retirement income review

Numerous firms would benefit from assistance to better understand the characteristics of vulnerability and identify vulnerable customers.

This is according to research from the Chartered Insurance Institute (CII), in partnership with FWD Research.

The CII undertook a survey of its members in July 2024 of those directly involved in Board reporting about the challenges they had encountered in producing the first Consumer Duty reports.

Off the back of this research and a roundtable discussion, the CII has published a white paper “that seeks to support firms’ compliance with the Financial Conduct Authority’s (FCA) reporting requirements under the Consumer Duty legislation.”

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Roundtable attendees also said they would welcome advice on storing and sharing information on vulnerable customers.

Most firms said they would “welcome more guidance” from the regulator on how they should meet the reporting requirements.

Other firms added however, the time being invested in the reporting process helped to shape internal conversations that had already driven positive changes for their customers.

Following this research, the CII has recommended that firms should:

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  • Ensure that data and reporting requirements are used not only to satisfy reporting requirements, but are baked into product, service and process improvement cycles
  • Work with professional bodies to develop research best practice
  • Identify whether they have a robust understanding of vulnerability for their customer base
  • Place more emphasis on joining the data dots around individual customers or customer groups in real time
  • And that leadership teams in firms should take active interest in reviewing customer needs

CII Group chief executive Matthew Hill said: “The Chartered Insurance Institute sought experiences of writing these initial reports to understand any challenges that might have been encountered, and to make recommendations that might assist other firms in future.

“We are sharing our findings and recommendations with the FCA and the wider sector through this white paper, and we will continue to explore with the regulator and our members what more we can do to assist firms in meeting the standards of care expected from the introduction of the Consumer Duty.”

FWD research director Martin Grimwood added: “It’s clear that many firms have yet to understand vulnerability amongst their customers.

“Without a top-down view, which quantifies how prevalent different types of vulnerability is within a customer base, it is difficult for firms to create informed strategic plans that will meet the needs of vulnerable customers.

“We are delighted the CII have chosen to endorse our approach to understanding vulnerability and look forward to helping CII members implement this key requirement of Consumer Duty and vulnerability guidance.”

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M&S shoppers gutted as it axes popular takeaway meal after less than two years

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M&S shoppers gutted as it axes popular takeaway meal after less than two years

M&S shoppers have been left gutted after the chain axed a popular takeaway meal after less than two years.

The supermarket’s Vegan ‘Chicken’ & Pepper Pizza earned rave reviews before it was scrapped.

Marks and Spencer said on social media that a popular pizza had been axed

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Marks and Spencer said on social media that a popular pizza had been axedCredit: Marks and Spencer

One fan of the tasty dish took to social media to ask the food giant where the popular Plant Kitchen product had gone.

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She wrote: “I’m going to have a mental breakdown if you have discontinued the plant kitchen chicken and pepper pizza fr.

“Specifically the fake chicken and pepper one? Blackheath or Charlton are my local ones!”

The M&S official account responded: “The chicken and pepper one has been discontinued, Tash I’m sorry.

“I’ve let our Food team know you’ve asked about it so they can keep this in mind for any future reviews of the range.

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“We will still have a vegan BBQ pizza in the range.”

The large pizza was introduced to the lineup by M&S back in January last year.

It was described as being “topped with signature tomato sauce, vegan herb chicken and grilled peppers.”

Customers said that the large pizza was big enough to serve two unless you were especially hungry.

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The Sun have contacted M&S for comment.

M&S also recently axed some of its popular Percy Pig sweets – leading to desperate calls for them to be reinstated. 

Sam’s Club shoppers ‘won’t be renewing’ after food court axes popular option – but retailer says it has good reason

Percy Pig Phizzy Chews earned rave reviews before they were scrapped in the brand’s recent confectionery overhaul in July.

The chews were not the only product to face the axe. 

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This summer, M&S also ditched its Colin and Connie “Together Forever” fruit gums, meaning Connie the caterpillar no longer appears in the caterpillar sweet range. 

Percy Pig is not only a loved treat, but also a fierce topic of debate.

Five years ago, M&S sparked both outrage and praise when it announced it had been turning its entire Percy sweets range vegetarian, with the change happening over several years.

Many social media users claimed the taste was no longer the same and called for M&S to retain both vegetarian and the original versions, which contained gelatine.

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But after the store invited 100 Percy Pig lovers to a panel vote, a 60%  majority voted to keep the sweet meat-fee.

The store is continuing to innovate Percy, with its many variations including seasonal additions such as “Percy meets the Easter Bunny”, “Merry Percymas” and “Pumpkin Percy” for Halloween. 

Why are products axed or recipes changed?

ANALYSIS by chief consumer reporter James Flanders.

Food and drinks makers have been known to tweak their recipes or axe items altogether.

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They often say that this is down to the changing tastes of customers.

There are several reasons why this could be done.

For example, government regulation, like the “sugar tax,” forces firms to change their recipes.

Some manufacturers might choose to tweak ingredients to cut costs.

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They may opt for a cheaper alternative, especially when costs are rising to keep prices stable.

For example, Tango Cherry disappeared from shelves in 2018.

It has recently returned after six years away but as a sugar-free version.

Fanta removed sweetener from its sugar-free alternative earlier this year.

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Suntory tweaked the flavour of its flagship Lucozade Original and Orange energy drinks.

While the amount of sugar in every bottle remains unchanged, the supplier swapped out the sweetener aspartame for sucralose.

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Major outdoor fashion retailer with 170 shops launches ‘everything must go’ sale ahead of closing down busy site

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Major outdoor fashion retailer with 170 shops launches 'everything must go' sale ahead of closing down busy site

A MAJOR outdoor fashion chain has launched an “everything must go” sale before closing one of its branches.

Trespass’ store in the Silverburn shopping centre, in Glasgow, Scotland will be shutting for the final time over the coming weeks.

The Trespass branch in Glasgow's Silverburn shopping centre will be closing 'soon'

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The Trespass branch in Glasgow’s Silverburn shopping centre will be closing ‘soon’Credit: BPM

The retailer sells ski wear, waterproof jackets, fleeces, festival accessories, walking boots and camping gear.

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Signs have been put up in the shop window telling passersby that a 60% closing down sale has started.

The black and yellow signage reads: “Closing down. Everything must go.”

The Sun has contacted Trespass for comment.

Other recent closures in the area include  Angelique Lamont Bridal and Bridesmaids and popular Glaswegian nightclub The Shed.

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It is not yet known what will replace the Tresspass store in the Silverburn shopping centre.

The Silverburn shopping centre has seen some other major changes in recent months.

Prominent brands that have recently opened at the centre, including AllSaints and Polestar.

And Mango opened its doors over the summer which further strengthened the fashion offer.

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Kingpin Bowling is also set to join the line-up later this year, bolstering Silverburn’s leisure offer.

Shopping discounts – How to make savings and find the best bargains

We also told how Cinnabon opened a new branch in Silverburn on Friday.

David Pierotti, General Manager at Silverburn, said: “We have been working hard to secure brilliant brands that we know people want to see and we’re so pleased that Cinnabon is the latest to join our lineup.

“It will complement our existing stores and restaurants, whilst giving people yet another new reason to visit us.

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“We know that it will prove a massive hit with guests and look forward to the opening.”

More Trespass closures

 Trespass, which runs around 170 UK branches, confirmed last summer it would pull down the shutters on half a dozen branches.

Stores shut in Chesterfield and Workington while others in Canterbury and Solihull were also earmarked for closure.

In recent weeks, Trespass is closed its store in St Johns Precinct, Liverpool, after signs were placed in the window.

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It is not the only outdoor clothing retailer to shutter branches across the UK.

Go Outdoors closed one of its shops in North Staffordshire in April with locals left gutted.

Closing down signs also went up in a Millets store in December last year.

It came after the Millets stores in Inverness and Mansfield shut their doors for good.

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Some retailers have closed a few branches here and there for various reasons, like when a store lease has come to an end.

Other examples of one-off rather than widespread closures is when there are changes in the area, like a shopping centre closing.

In some cases a shop will shut if there are not enough shoppers in the area, but sometimes it may relocate to another place that’s busier nearby.

Some chains have faced tougher conditions though, forcing them to shut dozens of stores, or all of them in the worst case.

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Why are retailers closing shops?

EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre’s decline.

The Sun’s business editor Ashley Armstrong explains why so many retailers are shutting their doors.

In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping.

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Falling store sales and rising staff costs have made it even more expensive for shops to stay open. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed.

The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing.

Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns.

Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead.

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Boss Stuart Machin recently said that when it relocated a tired store in Chesterfield to a new big store in a retail park half a mile away, its sales in the area rose by 103 per cent.

In some cases, stores have been shut when a retailer goes bust, as in the case of Wilko, Debenhams Topshop, Dorothy Perkins and Paperchase to name a few.

What’s increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online.

They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places.

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Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Martin Lewis shares trick to get 30% off Boots No7 products

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Martin Lewis shares trick to get 30% off Boots No7 products

MARTIN Lewis has revealed how to get 30 per cent off No7 Boots beauty products.

But the deal only runs for hours longer, so customers have been urged to get in quick.

Boots customers can cash in

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Boots customers can cash in
Martin Lewis has revealed the huge deal

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Martin Lewis has revealed the huge dealCredit: Rex

Tweeted by Martin Lewis and shared on the Money Saving Expert (MSE) website, the pharmacy chain is trying to get people to sign up for its No7 beauty Advent calendars wait-list.

In return, they’re offering 30 per cent off No7 products – but the deal is only valid until 11:59pm tonight.

Those keen on snapping it up can fill in their details, and a code should appear on the same page as the sign-up box.

The code can be used on most No7 items, with a few exclusions.

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Savvy shoppers can also maximise the discount by combining it with items that are offered in the three-for-two deal.

It means the first two items can be taken 30 per cent off, with the third free.

Using the example MSE gives, customers could buy:

  • 1x Future Renew serum*,  50ml – £30.06 with the code, normally £42.95
  • 1x Future Renew night cream*, 50ml – £24.46 with the code, normally £34.95
  • 1x Future Renew day cream*,  50ml – free, normally £34.95

That would in total cost £54.42 – a huge £58.33 (52 per cent) off the normal £112.84.

But that’s not all.

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Some items are half-price, in the three-for-two deal, and the additional 30 per cent can still be taken off.

In a money-saving trifecta, customers could for example claim:

  • 1x Limited Edition lipstick* – £4.53 with the code, was £6.47, normally £12.95
  • 1x Limited Edition lip glaze*, 3.3ml – £3.48 with the code, was £4.97, normally £9.95
  • 1x Limited Edition lip liner*– free, was £3.97, normally £7.95

In total, those three items add up to just £8.01 instead of the normal price of £30.85 – a colossal £22.84 (74%) saving.

Customers are always urged check whether there is still stock and keep an eye out for other deals on the way.

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B&Q shoppers rush to buy 80p hot tub must have perfect for keeping away Autumn chill in 95% off clearance

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B&Q shoppers rush to buy 80p hot tub must have perfect for keeping away Autumn chill in 95% off clearance

B&Q shoppers have been hot-footing it down to their local store to bag a hot tub accessory which is ideal for the chiller autumn temperatures.

The homewares store is currently selling a “CleverSpa Grey Square Canopy” for just 80p each in a clearance sale, with the original retail price being £15.

B&Q originally sold the CleverSpa canopy for £15 but is now heavily reduced

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B&Q originally sold the CleverSpa canopy for £15 but is now heavily reducedCredit: B&Q

That’s a huge reduction of 95 per cent.

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The polyester canopy which fits over the top of a CleverSpa hot tub, shielding you from the elements, measures 75.5cm by 187cm.

However, the bargain seems to have been hugely popular already as currently B&Qs website says “this product is currently out of stock”.

According to the product description: “It will keep you cool on sunny days with 50+ UPF protection, keep you sheltered from the elements and provide you with a little privacy too!”

The canopy also has a mesh panel which “ensures that the wind doesn’t lift the canopy once in place”.

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It also says the product can be easily cleaned with a wet soft cloth.

For comparison, B&Q is selling a “Lay-Z-Spa black and grey dome spa canopy” for £150.

We recommend you search on the B&Q website to see if the product is in a store near you, before making the decision to buy online.

To find your nearest outlet use the Store Locator tool on their website.

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Shopping discounts – How to make savings and find the best bargains

It’s often useful to shop for outdoor items such as these at the end of the summer season, as they are much less in demand so are sold at much lower prices.

When searching for the perfect item, be sure to also shop around using the search tool and filter functions on a range of sites.

The price toggle when surfing websites is perfect for setting your own budget and shopping within a particular range.

The “sort by” tool can also be your best friend, allowing you to view the lowest priced items first, and spot all the best deals.

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Comparing prices between websites also helps you make sure you’re getting the right deal for the right product.

How to bag a bargain

SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…

Sign up to loyalty schemes of the brands that you regularly shop with.

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Big names regularly offer discounts or special lower prices for members, among other perks.

Sales are when you can pick up a real steal.

Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on.

Sign up to mailing lists and you’ll also be first to know of special offers. It can be worth following retailers on social media too.

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When buying online, always do a search for money off codes or vouchers that you can use vouchercodes.co.uk and myvouchercodes.co.uk are just two sites that round up promotions by retailer.

Scanner apps are useful to have on your phone. Trolley.co.uk app has a scanner that you can use to compare prices on branded items when out shopping.

Bargain hunters can also use B&M’s scanner in the app to find discounts in-store before staff have marked them out.

And always check if you can get cashback before paying which in effect means you’ll get some of your money back or a discount on the item.

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How else to save when shopping

To luck out on future B&Q savings, keep your eyes peeled for reduced labels and make use of community social media platforms

By joining Facebook groups such as the Extreme Couponing and Bargains UK group, you might be first in the race when scouting for bargains in your local area. 

Also remember to make use of seasonal bargains, and search retailers websites to compare prices, to see which deals on products are available near you.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

B&Q shoppers may want to check with their nearest store to see if the product is in stock

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B&Q shoppers may want to check with their nearest store to see if the product is in stockCredit: Getty

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Hamster Kombat reveals plans for 2025 in new roadmap

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Hamster Kombat reveals plans for 2025 in new roadmap


Hamster Kombat announced that it plans to buy back tokens and distribute them to players regularly. 



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Tokenized asset market to hit $10T by 2030: Chainlink report

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Tokenized asset market to hit $10T by 2030: Chainlink report


Despite current crypto market volatility, Chainlink projects rapid growth in tokenized assets, driven by institutional demand and regulatory advancements.



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