| Link(s): | Review of firms’ treatment of customers in vulnerable circumstances | FCA FG21/1: Guidance for firms on the fair treatment of vulnerable customers (fca.org.uk) |
Context
On 15 March 2024 the FCA announced that it will be conducting a review into firms’ treatment of of customers in vulnerable circumstances. The FCA has now started writing to firms to request completion of a survey, in order to understand what actions the firms are taking to treat customers in vulnerable circumstances fairly.
Key points to note and next actions
Although completion is voluntary, firms are encouraged to complete the survey. It is detailed, covers a wide variety of topics and issues, and takes time to complete fully.
- It refers to ‘individual retail customers’ without clarification of what ‘individual retail customers’ are. This could be interpreted differently in different sectors and different firms. It will include all consumers, potentially ‘individuals’ as defined for consumer credit purposes, and potentially sole traders in an insurance distribution context.
- If a firm answers ‘no’ to the third question (does the firm deal with individual retail customers), the survey ends