FCA urges firms to be alert to coercion

Last week, Joanna Legg, head of consumer policy and outcomes, FCA said the financial services sector has a vital role to play in spotting the signs and offering support where they suspect financial abuse is happening, meeting Consumer Duty standards of consumer protection. Financial abuse can involve the manipulation of financial products and services. It can include loans taken out in the victim-survivor's name, bank account takeover or the use of joint life insurance policies as a threat. One in six women in the UK have experienced financial abuse in a current or former relationship...