Financial services firms often fail to properly understand client vulnerability leading to poor outcomes, according to a whitepaper from compliance firm TCC.
The compliance specialist said this poor understanding often means opportunities to provide additional support were being missed. TCC published its whitepaper on the back of the Financial Conduct Authority's (FCA) Financial Lives Survey released in October. The regulator found half (50%) of UK consumers - 26.5 million people - displayed one or more characteristics of vulnerability. This statistic increased to more than two-thirds (69%) for UK adults aged 75 and over, and around three-quarters (77%) for those aged over 85. The FCA then published its ‘Future Approach to Consumers' pa...
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