What lies ahead for vulnerable customers and financial services?

A number of current FCA initiatives are designed – in varying degrees – to address the issue of fair treatment of vulnerable customers in the financial services sector. The FCA’s definition of a vulnerable customer is intentionally broad and it's clear that “vulnerability” is not a static state of affairs; instead, customers may move in and out of “vulnerability” as circumstances dictate. Vulnerable (or potentially vulnerable) customers are therefore likely to comprise a significant proportion of a firm’s customer base at any given time.

This post 'Vulnerable customers and financial services: what does the future hold?' by Senior Associate Lydia Savill on our Global Insurance Blog looks at what (additional) protections for vulnerable customers the FCA is contemplating and what financial services firms can expect in this area.

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