PwC comment on FCA firm guidance on the treatment of vulnerable customers

Kareline Daguer, Director at PwC UK, said

"Now more than ever, protecting the most vulnerable should be a priority, so we welcome the draft guidance the FCA has published on the fair treatment of vulnerable customers.

"The guidance is moving towards a more prescriptive approach and firms should understand how vulnerability affects consumers. Staff should have the right skills and capabilities to effectively monitor outcomes, while firms should carefully consider how they design their products and engage with their customers.

"In the current environment, firms should take the tone and sense of urgency in this guidance seriously and reflect on what they have done and what they should be doing over the next few months to deliver fair outcomes.

"With a backdrop of potentially increased unemployment and mental and physical health issues,  firms will need to ensure their culture, processes and controls can meet the needs of their vulnerable customers and regulatory expectations."


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