In this webcast, Caroline Barr discusses protecting vulnerable customers.
Protecting vulnerable consumers has long been a key priority for the FCA. Its Financial Lives Survey showed that a staggering 50% of UK adults display one or more characteristics of being potentially vulnerable. The impact on vulnerable customers when things go wrong can be much greater than for other customers.
In spite of steps taken by firms and the FCA to improve treatment of vulnerable customers, the FCA has found that there is still room for improvement. The Guidance they are consulting on is designed to provide clarity for firms about their expectations, in the hope the firms will treat all customers, including vulnerable customers, fairly. It will use the Guidance to monitor how firms treat vulnerable consumers and to hold them to account if they breach the FCA principles as they relate to vulnerable customers.
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