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Complying with guidance on the treatment of vulnerable customers

Due to the impact of Covid-19, the number of potentially vulnerable customers has increased exponentially. Over a quarter of UK adults have low financial resilience.

Over the course of 2020, the FCA made several provisions for customers at increased risk of vulnerability due to the pandemic in areas such as mortgages and consumer credit. COVID-19 related customer vulnerability will remain a key factor for firms to consider for some time to come. 

In February 2021 the FCA published its finalised guidance for firms on the fair treatment of vulnerable customers, further defining its expectations in this area.