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The FCA suggested firms use market research to inform a good understanding of the risks of harm for vulnerable clients or they could create an internal vulnerability policy that includes information on the likely vulnerabilities and needs in the firm’s target market.
The Financial Conduct Authority (FCA) has outlined how firms should better understand vulnerable customers and how businesses must act to improve outcomes for those clients.
The guidance, published on Tuesday (23 February), aimed to drive improvements in the way firms treat vulnerable customers. It found that 27.7 million adults in the UK now have characteristics of vulnerability....
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