FCA: Firms’ treatment of vulnerable customers review
FCA highlights that only 4 in 10 vulnerable customers say they have disclosed their needs to their financial services provider. However, 74% of those who did disclose their circumstances said that staff asked the right questions to understand their situation, 57% said their firm “cared”, and 58% said their firm took action to provide support they needed. The research finds that vulnerable customers are more likely to report a negative experience with financial services firms when compared to non-vulnerable customers. Alongside the review, FCA has published a document setting out good practice and areas for improvement.
For more information