The FCA have published final guidance clarifying its expectations of firms on the fair treatment of vulnerable customers.
The guidance aims to enhance the way firms treat vulnerable consumers so that they consistently achieve positive outcomes for consumers with vulnerable characteristics.
The published guidance details that in order to achieve positive outcomes for vulnerable customers which are equal to all other customers, firms should;
- understand the needs of their target market / customer base
- ensure their staff have the right skills and capability to recognise and respond to the needs of vulnerable customers
- respond to customer needs throughout product design, flexible customer service provision and communications
- monitor and assess whether they are meeting and responding to the needs of customers with characteristics of vulnerability, and make improvements where this is not happening
You can read the guidance here.