Following on from their Mission back in April, the FCA yesterday published their Approach to Consumers document; with both TCF and vulnerable customer awareness being heavily featured. The overall aim of the document is to ensure well-functioning markets for consumers, with the Regulator advising that their starting point is for firms to treat customers fairly and allow them to make informed choices.
The document also states that firms must exercise extra care where consumers may be vulnerable and are expected to identify and pay attention to possible indicators of vulnerability, having policies in place to deal with consumers where those indicators suggest they may be at greater risk. The Approach to Consumers paper is currently at the consultation stage and closes on 5th February 2018, with the final publication being expected mid-2018.