Vulnerable client processes: What the FCA wants from advisers

Proactive approach in identification and support

clock • 4 min read

Speaking to COVER's sister title, Professional Adviser, Alexander McGregor and Kris Armstrong explore what the regulator actually wants from advisory firms' in terms of their vulnerable client processes.

In its December webinar on Consumer Duty, the Financial Conduct Authority (FCA) reminded firms that the Duty makes an explicit reference to firms paying attention to the needs of customers that have characteristics of vulnerability. In line with these expectations, the regulator also recently announced through its ‘regulatory initiatives grid' publication that it will be reviewing vulnerable customers outcomes in the first quarter of this year, with a post-implementation report on treatment of vulnerable customers expected towards the end of the year. Whilst this review will cover financ...

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

ABI names Phoenix Group CEO as president

ABI names Phoenix Group CEO as president

Succeeds Zurich’s Tim Bailey

Jaskeet Briah
clock 26 February 2025 • 1 min read
FCA reconsidering ongoing advice services rules as review findings revealed

FCA reconsidering ongoing advice services rules as review findings revealed

Advisers delivering suitability reviews in ‘vast majority’ of cases

Jen Frost
clock 24 February 2025 • 2 min read
IPT up to £7.6bn in 24/25

IPT up to £7.6bn in 24/25

£853m in January 2025

Cameron Roberts
clock 21 February 2025 • 1 min read