We’re taking the FCA’S new Consumer Duty rules, about avoiding foreseeable harm to customers, seriously. Even though the new rules are aimed at retail customers, we know that owning a business can be risky business.
Founder of the Ford Motor Company, Henry Ford once said, “You can take my factories, burn up my buildings, but give me my people and I’ll build the business right back again.”
It is still true today. People remain the single most important consideration for your business to succeed.
Male and female employees both pose a business risk, but different ones. While women live longer than men, they’re more prone to illness – so, while women are more likely to claim for a serious illness and be out of work long-term, men have a higher likelihood of dying while in employment.
This is true across the board, from lower-level employees through to senior management and shareholders.
For example, the average age of a business owner is about 40 years-old, while the average age of someone claiming for a critical illness like cancer or a stroke is around 48 years-old.
Is your business protected against a key person dying or being unable to work? Are there plans for who will continue running the business or inherit shares if a shareholder dies? What about if the individual who is responsible for one of your key business functions is unexpectedly absent?
The FCA’s new Consumer Duty rules are clear about supporting the customer to meet their financial objectives and avoid financial harm. Learn how to avoid financial harm in the future here.
Date: July 24, 2023