As the FCA prepares to finalise its guidance on the fair treatment of vulnerable customers, the impact of the coronavirus (COVID-19) pandemic on consumers’ personal, health and financial circumstances has pushed the issue even higher up the regulator and firms’ agendas.
In this report, we look at why now is the right time for firms to take action to ensure the fair treatment of vulnerable customers, what are the FCA’s expectations, and what challenges firms face in meeting those expectations. We then consider how firms should respond, arguing they should structure their response around the following four elements:
We set out in detail how firms can deliver against each of these four areas, including wide-ranging practical suggestions for actions. In this way, we believe firms can meet regulatory expectations, as well as creating benefits for both their customers and their business.
Download the report for a detailed analysis of how to translate regulatory expectations on vulnerable customers into actions.