FCA: Firms must understand and act to help financially vulnerable

Regulatory guidance

clock • 5 min read

The FCA suggested firms use market research to inform a good understanding of the risks of harm for vulnerable clients

The Financial Conduct Authority (FCA) has outlined how firms should better understand vulnerable customers and how businesses must act to improve outcomes for those clients. The guidance, published on Tuesday, aimed to drive improvements in the way firms treat vulnerable customers. It found that 27.7 million adults in the UK now have characteristics of vulnerability. This includes poor health, experiencing negative life events, low financial resilience or low capability. Firms should understand what harms their customers are likely to be vulnerable to and ensure that customers in v...

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