In this blog, Dipesh Patel discusses the FCA's finalised guidance on firm's responsibilities to ensure they are treating vulnerable customers fairly.
With 27.7 million adults in the UK now exhibiting characteristics of vulnerability, it can be no surprise that the FCA’s long-awaited guidance on v le consumers was published this week.
Protecting vulnerable consumers is a key focus for the FCA and is more important than ever due to the impact of coronavirus (Covid-19). aims to help firms ensure that they are treating vulnerable customers fairly and includes practical examples.
Furthermore 1 of the 4 external priorities of the 2020/21 business plan is making payments safe and accessible.
A is s
Just under half (46%) of UK adults display one or more characteristics that fall under these four drivers.
- Is this being executed in a discrete and safe manner?
The guidance is applicable to all firms regardless of their business model, means of customer contact and their initiation of services that the firm provide. Firms should try to recognise the needs of consumers, whatever channel they use. You need to be aware of whether means of communication is accessible to vulnerable consumers and if not, put tools in place such as an online chat or telephone service so consumers can access the services, communicate with the firm, and share information about their needs.
Monitoring will allow firms to determine whether they’re achieving the right outcomes for vulnerable customers and understand which activities and processes work well, and which ones need to be adapted to improve the outcomes for vulnerable customers.
fhere or get in touch with me or any of my colleagues to discuss how we can help. webinar with subject matter expert Adrian Golifer on demand
 ‘Financial Lives: The experiences of vulnerable customers’, The FCA, July 2020
This post contains a general summary of advice and is not a complete or definitive statement of the law. Specific advice should be obtained where appropriate.