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FCA publishes vulnerable customers finalised guidance FAQs

Jul 30, 2021 | FCA

Link(s):Finalised Guidance on the fair treatment of vulnerable customers FAQs (fca.org.uk)

Context

The FCA has published an unannounced updated FAQs document in relation to its Finalised Guidance about vulnerable customers. The FAQs contains a link to the webinar that the FCA delivered in relation to the Finalised Guidance, and references the FCA’s summary page that it published when the Finalised Guidance was issued. The document also references sections of the current Consultation in relation to the proposed Consumer Duty.

Key points to note

  • The FAQs are grouped by theme, and the answers link to key chapters and paragraphs in the Finalised Guidance (FG21/1), Feedback Statement (FS21/4) and other relevant documents, including the Consumer Duty consultation.
  • In conjunction with the FCA’s summary page, the FAQs provide firms with a useful basis for understanding the nature and intentions of the Finalised Guidance.

Next actions

If your firm is still in the process of reviewing and implementing the vulnerability guidance, the FAQs will be of use, and will be of general interest to all firms.