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Summary
The treatment of vulnerable consumers by the financial services sector has been receiving specific regulatory attention by the Financial Conduct Authority (FCA) over the last couple of years. Institutions are now faced with a number of principles and best practice recommendations around identifying, and appropriately treating, any customer who is potentially vulnerable. While regulatory guidelines are still at the work stream stage, as this area falls under broader Treating Customers Fairly obligations, financial institutions need to start addressing proposals now.

Consumer Vulnerability: Regulatory Requirements for Financial Services, and How to Comply

Key messages

  • The regulatory view on consumer vulnerability is broad, focused on anyone susceptible to detriment
  • FCA is looking for the industry to determine and drive best practice
  • Firms have responsibility for identifying and treating vulnerable customers appropriately
  • How can technology help firms achieve customer vulnerability responsibilities?
Consumer vulnerability

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