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 sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read
FCA looks to boost transparency of ESG ratings providers

FCA looks to boost transparency of ESG ratings providers

Regulator opens consultation

Michael Nelson
clock 01 December 2025 • 2 min read
Regulators urged to hold pension transfer 'bad actors' to account

Regulators urged to hold pension transfer 'bad actors' to account

Advisers report ‘widespread and sometimes extreme delays’

Sahar Nazir
clock 24 November 2025 • 5 min read