The Financial Conduct Authority has found firms are taking ‘encouraging steps’ for vulnerable clients but they still need to consider how they can meet their needs.
The Consumer Duty review into firms' approaches to products and services follows an FCA survey in October 2025 of 38 firms from across banking, insurance, payments/e-money, asset management, consumer investments, funeral plans, and consumer finance. Findings focused on areas of improvement which included granularity of target markets and identifying customers in vulnerable circumstances. The review found some firms gave "simplistic or generic" target market explanations that were not appropriate for the product or service in question. The regulator highlighted that this suggested ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
