Insights: FCA Review into firms’ treatment of customers in vulnerable circumstances

FCA review of treatment of vulnerable customers. Thi included both customer surveys and firm questionaires. Summary below.
https://www.fca.org.uk/publications/multi-firm-reviews/firms-treatment-vulnerable-customers
Key Take Aways

Firms have made progress in supporting vulnerable customers, but challenges remain.
The FCA evaluated the effectiveness of the existing guidance (FG21/1) for vulnerable customers.
There is a stronger focus on delivering better outcomes for vulnerable consumers, partly driven by the Consumer Duty.
Consumers in vulnerable circumstances report worse outcomes compared to others.
Vulnerability often involves multiple characteristics, which complicates support.
Stakeholder feedback confirms that the guidance remains valuable and does not need updating.
Case studies have been provided to illustrate good practices and areas for improvement.
The FCA will continue to monitor the impact of the Consumer Duty on firms' treatment of vulnerable customers.
Positive shifts...