Response to FCA fair treatment guidance

Commenting in relation to today’s launch of the FCA guidance, Helen Lord, director, Vulnerability Registration Service said: “The Vulnerability Registration Service (VRS) welcomes the FCA’s ‘Guidance for firms on the fair treatment of vulnerable customers’ especially as it strongly emphases the need for firms to place the treatment of vulnerable customers high on their agenda. However, it is important to note that putting the onus on customers to tell providers of their vulnerability or changing circumstances can be very time consuming and distressing for the individuals involved.

“We urge firms to look to existing tools to identify where a vulnerability exists to help to reduce debt, financial problems and harm. With 27.7 million adults in the UK with characteristics of vulnerability such as poor health, low financial resilience or recent negative life events, now is the time for firms to take proactive action so they can better identify vulnerable customers and put in place the most appropriate processes and support.”