“Vulnerability” cannot be ignored. With the FCA stating that “most users of consumer credit may be regarded as “vulnerable” to some degree because of their financial circumstances”, this is an area firms must not get wrong. Are you providing your vulnerable customers with adequate safeguards? The FCA promises proactive supervision of firms in this area.
Staff should receive specific training in this area and firms must have proper documented processes and procedures to ensure compliance.
Read our blog posts on vulnerable customers
- Vulnerability – 21 questions, 21 steps!
- Best practice recommendations for dealing with vulnerable customers
- FCA Releases Paper on Consumer Vulnerability
- Establishing and maintaining an FCA compliance system
- FCA compliance causes data dilemma
- Vulnerable customers and sensitive personal data: a grey area