FCA: Firms must understand and act to help financially vulnerable

Regulatory guidance

clock • 5 min read

The FCA suggested firms use market research to inform a good understanding of the risks of harm for vulnerable clients

The Financial Conduct Authority (FCA) has outlined how firms should better understand vulnerable customers and how businesses must act to improve outcomes for those clients. The guidance, published on Tuesday, aimed to drive improvements in the way firms treat vulnerable customers. It found that 27.7 million adults in the UK now have characteristics of vulnerability. This includes poor health, experiencing negative life events, low financial resilience or low capability. Firms should understand what harms their customers are likely to be vulnerable to and ensure that customers in v...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FOS CEO Abby Thomas steps down

FOS CEO Abby Thomas steps down

James Dipple-Johnstone and Jenny Simmonds will cover

Isabel Baxter
clock 07 February 2025 • 1 min read
Regulator soft launches £2.5m scam checker tool to help protect consumers

Regulator soft launches £2.5m scam checker tool to help protect consumers

‘FCA Firm Checker’ is live for small number of users

Isabel Baxter
clock 05 February 2025 • 1 min read
CII adds two executive directors

CII adds two executive directors

Effective early March

Isabel Baxter
clock 04 February 2025 • 1 min read