FCA chief Wheatley: Treat 'vulnerable' customers like family

Carmen Reichman
clock

Financial Conduct Authority (FCA) chief executive Martin Wheatley has called on firms to do more to support vulnerable customers, saying their mistakes made difficult situations worse "too many times".

Wheatley (pictured) said he did not expect firms to perform "a wholesale redrawing" of their processes and systems or for their customer-facing staff "to become social workers". But he expects firms to "allow staff to treat customers as they would like a member of their own family to be treated", he said. The regulator published a paper on treating vulnerable consumers in February, designed to encourage debate among academics, practitioners and policymakers. The paper found "problems at every stage" in the way firms deal with vulnerable consumers, including poor communication and p...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA continues data reporting cuts

FCA continues data reporting cuts

Regulator removes more data returns

Isabel Baxter
clock 28 August 2025 • 1 min read
Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read
FOS fees could fall if cases resolved early

FOS fees could fall if cases resolved early

Consultation seeking to modernise charges

Jenna Brown
clock 13 August 2025 • 2 min read