Q&A with Mike Laird, Head of Risk: Steering a Path for Consumer Duty and Addressing Vulnerable Customers' Needs

Earlier this year, Personal Group proudly received the prestigious Leadership in Addressing Vulnerable Customers’ Needs award at the inaugural Consumer Duty Leadership Awards. This recognition highlights our unwavering commitment to customer-centric practices and exceptional service, particularly for those who are most vulnerable. 

A year has passed since the FCA’s Consumer Duty rule was introduced, and our dedication to upholding these standards has only strengthened. Across the financial services industry, the Consumer Duty has driven significant improvement in addressing customers’ needs. Widely regarded as a positive and transformative development, this regulation has elevated the standards of consumer protection, emphasising greater accountability and transparency among financial firms. It compels organisations not only to comply but to actively demonstrate their commitment to delivering positive customer outcomes across all aspects of their operations—from product design to service delivery. 

Despite the FCA's findings that nearly half of all UK adults are vulnerable in some way, some firms continue to report few or no vulnerable customers. Consumer Duty represents a major leap forward in regulatory standards, serving as a catalyst for further innovation and enhanced customer service. We spoke with Mike Laird, Personal Group’s Head of Risk, to discuss the company’s journey with Consumer Duty and its impact on vulnerable customers. 

Q: What changes have you observed at Personal Group as a result of our commitment to Consumer Duty? 

Mike Laird: The cultural shift within the company has been profound. Our colleagues now have an even greater appreciation for the fact that our existence hinges on our customers. Every touchpoint in the customer relationship—from product design to pricing, sales, administration, and claims—has become a focal point for ensuring a positive experience. This heightened awareness and responsibility are embedded in our daily operations. 

Q: How do you see customers benefiting from our implementation of Consumer Duty? 

Mike Laird: The benefits to our customers are manifold. We've streamlined our processes for handling claims, making forms more accessible and processing times faster. Additionally, there's a heightened awareness of potential customer vulnerabilities, which allows us to provide more tailored and sensitive support. These improvements, among others, are tangible outcomes of our commitment to Consumer Duty. 

Q: What do you believe has been the most significant impact of Consumer Duty on the company? 

Mike Laird: On a personal level, Consumer Duty has prompted deep reflection on our practices and how they are perceived by our customers. It has driven us to scrutinise our operations more closely, with the customer’s perspective as our guiding principle. This introspection has uncovered numerous opportunities for improvement, and it continues to be a journey of discovery and fulfilment for the entire team. 

Q: What are our plans for building on the work we’ve already undertaken? 

Mike Laird: While we are proud of the progress we’ve made, we are by no means complacent. We have identified additional opportunities to better serve both our current and future customers. By actively listening to our customer base, we will continue to implement these improvements and ensure that we remain at the forefront of customer-centric innovation. 

For more insights into our Consumer Duty journey and to learn about the Consumer Duty Leadership Award click here.