FCA Vulnerable Customer Policy Templates & Compliance Guidance

Vulnerable Customer Policy TemplateIn February 2021, the FCA published revised guidance for treating vulnerable customers fairly. Their paper, FG21/1 Guidance for Firms on the Fair Treatment, came on the back of Covid-19 which has been responsible for causing a major increase in the number of vulnerable customers.

The FCA noted in their publication that protecting vulnerable customers was still one of their key focus areas. The new guidance was aimed at ensuring that all firms treat vulnerable customers fairly and compliantly.

Through driving improvements in the way firms treat vulnerable consumers, the FCA aims to bring about a practical shift in the actions and behaviour of regulated firms.

Whilst the publication is seen as guidance, the FCA were quick to point out that because anyone can find themselves in vulnerable circumstances at any time, their guidance would apply to most firms. Businesses are expected to focus on four main areas to achieve good outcomes for vulnerable customers: –

  • Understanding the needs of their target market and/or customer base.
  • Making sure staff have the right skills and capability to recognise and respond to the needs of vulnerable customers.
  • Responding to customer needs throughout product design, flexible customer service provision and communications.
  • Monitoring and assessing whether they are meeting and responding to the needs of customers with characteristics of vulnerability and make improvements where this is not happening.


Vulnerable Customer Checklist

With no dedicated sourcebook under the FCA rules for vulnerable customers, how do you know if you are treating vulnerable customers fairly?

We have developed a bespoke Vulnerable Customer Checklist which is easy to use and customise. With over 80 assessment questions across 10 sections, assess and demonstrate your compliance with the FCA’s vulnerable customer requirements.

Vulnerable Customer Checklist
Read more about our checklist...

Vulnerable Customer Policy Template

With nearly 6000 organisations using templates and policies developed by Know Your Compliance Limited, why re-invent the wheel? Our exclusive Vulnerable Customer Policy template extends to 20 pages of customisable content and includes the latest guidance from the FG21-1 paper. 

TCF Policy & Vulnerable Customer Template Toolkit

If you are looking to revise or implement a compliant policy program for your responsibilities to customers obligations, look no further than our TCF & Vulnerable Customer Toolkit.

As a market leading template package, this toolkit includes policies, checklists, guidance manuals, employee training templates and test papers and our exclusive TCF Dashboard.