With just six months left until Consumer Duty takes effect, Jonathan Barrett, chief executive and co-founder at Comentis, reviews what strides were made in 2022 towards achieving good outcomes for vulnerable customers and what can we expect in 2023.
2022 was a challenging year. The FCA's latest Financial Lives survey found that the number of adults with low financial resilience had leapt to 12.9 million - up from 10.7 million in 2020 - with the primary cause thought to be the number of adults who were "heavily burdened by their domestic bills and credit commitments." The Organisation for Economic Co-operation and Development reported that Britain was suffering the worst cost of living crunch of any G7 nation, while The Money and Pensions Service found that, in London alone, over a million people had less than £100 in savings. In ...
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