The FCA has set out new best practice guidance for firms to do more to protect vulnerable consumers. The guidance aims to provide a framework that allows all firms to accurately assess whether they are treating vulnerable consumers fairly, ensuring consistency across the financial services sector.
Alongside the draft guidance the FCA has also published research on vulnerable consumers’ experiences of dealing with financial services firms. The research includes 21 case studies of consumers displaying a range of indicators of vulnerability.
Christopher Woolard, interim Chief Executive at the FCA, said: ‘Supporting vulnerable consumers is a key focus for the FCA, and the coronavirus crisis has only highlighted its importance. While many firms do excellent work to support their vulnerable customers, we will not hesitate to step in where others do not.’