Findings of FCA review of treatment of vulnerable customers

The Financial Conduct Authority (FCA) has published examples of Good and Poor Practice for supporting customers in vulnerable circumstances, as part of its Vulnerability Review. The output outlines some specific examples for members to apply to their businesses.

The outcome of the Vulnerability Review recognises:

• Where consumers disclose their needs or circumstances, they mostly get the right support but there remain barriers to disclosure
• Characteristics of vulnerability can interact to make consumers more susceptible to harm
• Tailored support, that responds flexibly to customers’ needs and is more personal in nature, drives positive outcomes and trust.

Vulnerability review: Improving understanding of the outcomes for consumers in vulnerable circumstances when engaging with financial services firms | FCA

Delivering good outcomes for customers in vulnerable circumstances – good practice and areas for improvement | FCA

The FCA has also published good practices and areas for improvement on the Consumer Support Outcome under the Consumer Duty (Consumer Support Outcome: good practices and areas for improvement | FCA). This publication provides examples of good customer support frameworks seen in firms.

These three publications are highly valuable for BVRLA members to read and absorb.

If members have any questions, contact [email protected].

It’s also worth noting that the FCA held a webinar to look at the Vulnerability Review findings and next steps on 11 March, members can register to view the webinar 'on demand'.