Consumer Duty and later life lending
Carly Proudfoot, national account manager at Key Partnerships, explores how Consumer Duty applies to later life lending and how to deliver good customer outcomes by considering suitability, fair value, consumer understanding, foreseeable harm, vulnerability and ongoing support.
The learning objectives for this article are to:
- Learn how to apply the four Consumer Duty outcomes to later life lending.
- Understand how to identify and mitigate foreseeable harm.
- Recognise how to assess customer understanding and vulnerability, consider appropriate alternatives, and evidence good outcomes through effective record keeping.
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