The FCA have recently published updated guidance for regulated firms on how to deal with vulnerable customers and gain good outcomes. Publication FG21 provides extensive support and guidane for firms on meeting their vulnerable customer obligations. You can read the full publication on the FCA Website.
Know Your Compliance Limited are proud to have been supplying vulnerable customer policy templates and training programs for nearly 7 years, ensuring that our content is kept up to date with the FCA’s latest guidance. We also utilise guidance and publications from leading vulnerable customer advocates such as the MALG.
Vulnerable Customer Awareness
The FCA define a vulnerable customer as someone who “due to their personal circumstances, is especially susceptible to harm – particularly when a firm is not acting with appropriate levels of care”.
The regulator has been very clear that vulnerable customer awareness and programs within firms to meet the standards and principles is one of their key priorities. With the pandemic effects lasting for well over a year at this point, it is more important than ever for firms to ensure that they know how to identify, assess and support those with vulnerabilities.