Published by: Financial Conduct Authority (FCA)
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Key Take Aways
There is a recognised need to support customers in vulnerable circumstances, given their susceptibility to harm and diverse needs.
The FCA conducted a comprehensive review evaluating firms’ actions, outcomes for customers, and the relevance of existing guidance under the Consumer Duty.
Many firms demonstrate positive practices and exhibit increased awareness, culture change, and tailored support towards vulnerable customers.
Consumer research indicates that, despite improvements, consumers in vulnerable circumstances, particularly those with multiple vulnerabilities, continue to experience poor outcomes.
The existing FCA guidance remains relevant and valuable; there is no immediate need for revision or additional regulatory requirements.
Stakeholders emphasised the importance of practical case studies to help firms implement guidance more effectively.
The FCA’s approach included ...
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