Recent enforcement action from the FCA has illustrated in particular:.The FCA has provided guidance on the ways in which lenders can help customers worried about or struggling with mortgage payments because of the rising cost of living, noting that some firms such as lenders who are also current account and credit card providers may have more data than others and more scope to identify those who are more vulnerable to payment difficulty.Anyone can find themselves in vulnerable circumstances at any time. The FCA views vulnerability as a spectrum of risk with a vulnerable customer being anyone who, due to their personal circumstances, is especially susceptible to harm.
The Financial Conduct Authority ( FCA) has issued guidance on actions firms should take to understand the needs of vulnerable customers to make sure they are treated fairly.Financial institutions should be mindful of the following points: Regulators may be mindful that the squeeze on household finances could push more people into vulnerability and the risks of financial exclusion are set to intensify. Unsurprisingly given the current economic conditions regulators have continued their regulatory scrutiny on institutions’ treatment of vulnerable (or potentially vulnerable) customers.
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