Review of Firms' Treatment of Customers in Vulnerable Circumstances: FCA's Findings and Expectations
Apr 2, 2024 11:20:00 AM
Summary
In March 2024, the FCA announced that it would conduct a review into how firms are acting to understand and respond to the needs of customers in vulnerable circumstances and that it would share its findings by the end of 2024.The review is in line with the FCA’s 2021 commitment. It will look at firms’ understanding of consumer needs, the skills and capability of staff, product and service design, communications and customer service, and whether these support the fair treatment of customers in vulnerable circumstances, as well as at the outcomes consumers in vulnerable circumstances receive and whether they are as good as the outcomes of other consumers.
The FCA will conduct consumer research in this area as well as gather information from firms and consumer representatives to make this assessment.
Rather than involving a separate piece of work focused solely on age related issues, as suggested in 2017, the review will now look more broadly at how firms treat customers, including older customers, in vulnerable circumstances.
For more information on what the FCA expects from firms, they can review FCA information covering the Guidance for firms on the fair treatment of vulnerable customers, from February 2021, and the Consumer Duty.