Published by: The Financial Conduct Authority
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Key Take Aways
Customers in vulnerable circumstances, especially with multiple traits, tend to experience worse outcomes, highlighting the need for tailored engagement strategies.
Disclosure barriers persist, with only 40% of consumers in vulnerable circumstances voluntarily sharing their needs; communication about benefits of disclosure could improve this.
Positive customer outcomes are strongly linked to tailored, personal support that demonstrates genuine care, fostering trust and better communication.
Negative experiences, often characterised by standardised interactions and impersonal channels, undermine trust and exacerbate vulnerabilities.
Consumers with multiple vulnerability traits report more negative interactions, increased difficulty accessing suitable products, and greater harm potential.
Diverse communication channels are valued, but many vulnerable consumers lack awareness of availabl...
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