How financial services can better support vulnerable customers
Writing for the Financial Services Faculty, journalist Nick Levine looks at how vulnerable customers are managed through consumer financial services.
Nikhil Rathi, the incoming Chief Executive of the FCA, has highlighted better treatment and protection of vulnerable consumers as being one of his priorities to deliver while serving in the post.
Even before his formal appointment, he used a recent appearance in front of the Treasury select committee to stress the importance of protecting vulnerable consumers in the context of Covid-19, with the pandemic resulting in a number of individuals falling into the vulnerable category.
Additionally, in July, the FCA published draft guidance on how firms can treat vulnerable customers, with key tenets covering how financial services companies can embed policies and processes.
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