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Posted in Regulatory and legislative updates, UK

UK: FCA draft vulnerability guidance: embedding ‘doing the right thing’ in firms’ culture

The FCA has published a consultation on proposed non-Handbook guidance for firms on the fair treatment of vulnerable customers. The FCA reiterates that vulnerability is one of its key priorities and makes it clear that the draft guidance sets out its view of what its Principles for Businesses require of financial services firms to ensure the fair treatment of vulnerable consumers. Firms with existing policies and processes for fair treatment of vulnerable consumers should be looking to review them to make sure they meet their obligations under the Principles and plug any gaps.

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The FCA is not alone in focusing on vulnerable customers.  The Competition and Markets Authority and the Treasury Select Committee have both considered this issue.  For more information see our article (at page 22) in our  Insurance Horizons 2019 publication.