FCA’s guidance on fair treatment of vulnerable customers: Money and Pensions Service comment

The Money and Pensions Service welcomes the Financial Conduct Authority’s publication of guidance for firms on the fair treatment of vulnerable customers today. The guidance aligns with the recommendations MaPS has set out on building financial wellbeing in light of Covid-19 last year.

James Fearnley, Policy and Propositions Manager at the Money and Pensions Service commented: “We know that Covid-19 has deepened existing vulnerabilities for some and exposed others to financial difficulty for the first time. We welcome the timely publication of this guidance, which will help firms provide appropriate support for customers in vulnerable circumstances.

“This aligns with our recommendations on building the UK’s financial wellbeing in light of Covid-19, which highlighted the importance of firms taking a strategic approach to customer vulnerability: such as training frontline staff on spotting signs of vulnerability, involving vulnerable customers in the design of products that meet their needs, and linking them with third-party support services where needed, to ensure people get the right support at the right time.

“We look forward to continuing to work with the FCA and others on further ways to help support these customers, as part of our ongoing work to implement our UK Strategy for Financial Wellbeing.”