Context
On Tuesday 23 February the FCA published guidance for firms on the fair treatment of vulnerable customers. To help firms meet the guidance, the FCA has developed what it calls a ‘vulnerability toolkit’ which includes links, web copy, social media posts and a video for firms to review.
The FCA has provided the following summary of the resources available for firms to use:
- Link to the Guidance summary web page which summarises the Guidance for firms: https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers
- An ‘Explainer Video’, which explains the FCA’s approach to ensuring vulnerable customers are treated fairly and outlines actions firms should take: Vulnerability guidance animation – Financial Conduct Authority (videomarketingplatform.co)
- The FCA’s vulnerability posts on Twitter: https://twitter.com/TheFCA/status/1364144608654077953?s=20
- A Feedback Statement FS21/4, which sets out the feedback that the FCA received in relation to the Guidance Consultation GC 20/3 and the FCA’s responses to that feedback; the feedback and responses have informed the content of the Finalised Guidance.
- The Finalised Guidance document itself: FG21/1: Guidance for firms on the fair treatment of vulnerable customers (fca.org.uk)
Next actions
In conjunction with the Finalised Guidance (FG21/1), firms should use the above resources to aid their assessment of how to achieve appropriate outcomes for vulnerable customers.