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City watchdog orders firms to protect vulnerable customers

The Financial Conduct Authority (FCA) has ordered financial firms to do more to protect vulnerable customers, warning some are being “exploited for gain”. Guidance published as part of the FCA’s ongoing consultation on the fair treatment of vulnerable customers said that while the watchdog had found “many examples of good practice” in the industry, with firms “thinking carefully about their customers and potential vulnerability”, it was also aware of cases where vulnerability was either “not considered by firms or positively exploited for gain”. The FCA review found that 24m people have displayed at least one characteristic of vulnerability in the last year, with this increasing by 1.5m since the start of the coronavirus crisis. Christopher Woolard, interim CEO at the FCA, said: “Supporting vulnerable consumers is a key focus for the FCA, and the coronavirus crisis has only highlighted its importance.” He added: “While many firms do excellent work to support their vulnerable customers, we will not hesitate to step in where others do not.”

Full FCA article HERE

Useful information on getting help can be found in our earlier Blog:
Personal Guarantee debt and Mental Health

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