FCA Vulnerability Guidance - White Paper - June 21

Protecting vulnerable customers is a key focus for the FCA and is more important now in light of the impact of Covid-19. The FCA’s guidance is really useful to help ensure that firms treat vulnerable customers fairly and includes useful examples on how to the put the FCA’s guidance into practice. This white paper provides a useful summary.

The FCA requires firms to understand what harms their customers are likely to be vulnerable to, and ensure that customers in vulnerable circumstances can receive the same fair treatment and outcomes as other customers. This needs to happen through the whole customer journey from product design through to customer engagement and communications, and firms must comply.

Auxillias can support clients in updating their policies to incorporate the changes, whilst ensuring that the day to day procedures and approach to customers are fully implemented and compliant across both the Lenders’ and Brokers’ journey. This includes the changes required in the Collections environments, particularly to internal flagging systems – now that a new definition of ‘vulnerability’ is required to be implemented.

Are you interested in attending a discussion on vulnerability?

We are potentially looking to host an interactive virtual discussion on the topic of ‘vulnerability’ and the key areas the businesses need to implement within their polices, procedures and day to day practices. If you are interested in such a discussion, please let us know by clicking the button below and filling in your details.