Treatment of vulnerable clients will be a key focus of the Financial Conduct Authority’s (FCA) work in the first half of next year and firms should be prepared for it to take “appropriate regulatory action” if necessary.
In an update on its Consumer Duty work, the watchdog said it would continue to focus on tackling poor identification of clients with characteristics of vulnerability by wealth managers. It said it would engage with firms and collaborate with industry to "raise standards, drawing on the wider vulnerability review". It said: "In H1 2025 we will provide specific firm feedback and take appropriate regulatory action if necessary." In March this year, the FCA launched a review of how firms cater to the needs of customers in vulnerable circumstances. The findings were originally due to be pu...
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