The Financial Conduct Authority has announced that it will conduct a review into how firms are treating customers in vulnerable circumstances.
The regulator said it will publish its findings by the end of 2024, in line with a commitment it made in 2021.
The review will look at firms’ understanding of consumer needs, the skills and capability of staff as well as product and service design, communications and customer service and whether these support the fair treatment of customers in vulnerable circumstances.
The FCA will also look at the outcomes consumers in vulnerable circumstances receive and whether they’re as good as the outcomes of other consumers, enabling it to understand whether those consumers most susceptible to harm are receiving good outcomes.
The assessment will be based on both consumer research as well as information it receives from firms and consumer representatives.
