With Consumer Duty taking effect in just six months, what progress was made in 2022 towards achieving good outcomes for vulnerable customers? And what can we expect in 2023? Jonathan Barrett shares his views...
Towards the end of last year, the Financial Conduct Authority's (FCA)s latest Financial Lives survey found that the number of adults with low financial resilience had leapt to 12.9 million - up from 10.7 million in 2020 - with the number of adults who were "heavily burdened by their domestic bills and credit commitments" thought to be the primary cause. The Organisation for Economic Co-operation and Development reported that Britain was suffering the worst cost-of-living crunch of any G7 nation, while The Money and Pensions Service found that over a million Londoners had less than £100 i...
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