FCA/ICO: Regulatory expectations regarding firms’ approaches to vulnerability related data

FCA and ICO have issued a joint statement on regulatory expectations regarding firms' approaches to vulnerability related data. The statement aims to help firms understand and apply FCA expectations on delivering good outcomes for customers in vulnerable circumstances in line with the Consumer Duty, while complying with data protection law. It explains the FCA's expectations and data protection law considerations on supporting consumers in vulnerable circumstances, sharing data across distribution chains, and monitoring customer outcomes. FCA will continue to help firms understand its expectations, including through work this year on how the Consumer Duty applies through the distribution chain.