Treat Vulnerable People Better, FCA Tells Finance Firms

Law360, London (February 23, 2021, 2:12 PM GMT) -- Financial services companies will be required to demonstrate how they are providing fair treatment to vulnerable consumers under regulatory guidance set out by the City watchdog on Tuesday.

The Financial Conduct Authority issued the proposals in July 2020, when it warned it would take action if the sector did not do more. The regulator published a study this month showing that 27.7 million adults in the U.K. show signs of vulnerability such as poor financial resilience and ill-health.

Finance firms must act to help vulnerable people by ensuring that their employees have the right skills to recognize the needs of such customers, the FCA...

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