FCA to review firms’ treatment of vulnerable customers

The FCA has announced a review into how firms are treating and responding to the needs of vulnerable customers. It will look at:

  • firms’ understanding of consumer needs;
  • skills and capability of staff;
  • product and service design; and
  • communications and customer service.

In line with the Consumer Duty requirements, the FCA will also review the outcomes vulnerable customers receive and assess whether they are as good as the outcomes of other customers.

The FCA will share its findings by the end of 2024.

Lucy Hadrill