FCA publishes findings from review of firms' treatment of vulnerable customers alongside good practice and areas for improvement

The UK Financial Conduct Authority (FCA) has published the findings from its review of the treatment of customers in vulnerable circumstances. Drawing on several sources, including research commissioned by the FCA (and published for the first time with this review), the FCA has evaluated how firms are supporting vulnerable customers, as well as the appropriateness of the FCA's existing FG21/1: "Guidance for firms on the fair treatment of vulnerable customers" in light of the Consumer Duty. The FCA found that FG21/1 is still useful and important under the Consumer Duty and is not revising its guidance or introducing new requirements. It noted that the Consumer Duty had driven a renewed focus on delivering good outcomes for vulnerable customers but that some areas for improvement remain.

In response to industry feedback that more case studies would help support firms, the FCA has published a series of examples to highlight good practice and areas for improvement. Going forward, the FCA encourages firms to make use of the good practice and areas of improvement and will continue to engage with industry to support ongoing improvement especially in areas that firms find more challenging.

Return to main website.