Final Guidance has been published and firms now need to deliver against the Financial Conduct Authority’s objective of fairer access and more consistent outcomes for vulnerable consumers.
Vulnerable customers is a complex piece of regulation, further complicated by the sensitivities connected to identifying and supporting people coping with characteristics of vulnerability. It is a regulatory topic which impacts across the organisation with six summary actions: understanding customers’ needs, customer service, skills and capability of staff, monitoring and evaluation, product and service design and communications. In 2023, the Financial Conduct Authority intend to undertake a review of whether sufficient progress has been made.
Altus has supported our clients to enhance their capability and preparedness to satisfy the regulator.