Industry reacts: FCA statement on vulnerable customers

Protection’s part to play

Cameron Roberts
clock • 3 min read

In response to the FCA’s statement on vulnerable customers in financial services, COVER editor, Cameron Roberts, speaks to protection industry experts to discover protection’s role in working with people in vulnerable circumstances.

The FCA released a statement in which it praised firms for work to address the needs of vulnerable customers but highlighted that there was room for improvement to grow the market. The regulator said that 74% of vulnerable customers who told their firm about their circumstances said staff asked the right questions, 57% said their firm cared about their situation, and 58% said their firm took the right action to provide the support they needed. On the other side of the coin however, 25% of customers in vulnerable circumstances said they felt uncomfortable explaining their situation to ...

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 appoints Kay Swinburne as chair

ABI appoints Kay Swinburne as chair

Effective immediately

Jaskeet Briah
clock 03 April 2025 • 2 min read
PDG responds to FCA Market Study update

PDG responds to FCA Market Study update

Expanded terms of reference

Cameron Roberts
clock 31 March 2025 • 2 min read
Banning commission is an 'extreme' outcome of Protection Market Study: FCA

Banning commission is an 'extreme' outcome of Protection Market Study: FCA

Regulator tells delegates at COVER Summit North conference

Jaskeet Briah
clock 27 March 2025 • 3 min read