Industry leaders have called on firms to consider addressing vulnerable customers, with 22% of advised clients identified as vulnerable at Boring Money’s Consumer Duty conference in London.
The firm suggested that vulnerable clients are emerging as a key focus area as financial services providers work to meet the ongoing demands of the Financial Conduct Authority's (FCA) Consumer Duty regulations. PIMFA CEO Liz Field said that tackling vulnerabilities will be the primary hurdle for firms over the next 12 months, highlighting the complexity surrounding the identification and support of these customers. "The problem with the vulnerable label is that it is episodic, it is difficult to identify, and once you do identify this, what do you do next?" she said. Coinciding wit...
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