While firms have made significant progress in how they treat vulnerable consumers, the regulator finds that there is room to improve consistency and ensure that firms fully embed fair treatment of consumers (TCF) and the FCA’s Principles into their business.
The draft guidance intends to provide options for ways in which firms can comply. It explores the drivers and impacts of consumer vulnerability and outlines how firms may improve their management of vulnerable consumers across five themes: understanding vulnerable consumers’ needs; developing the skills and capabilities of staff; improving product and service design; customer services; communications; and monitoring and evaluation.
To view the guidance consultation please click here