Treatment of vulnerable customers—essentials
Published by a LexisNexis Financial Services expert
Practice notesTreatment of vulnerable customers—essentials
Published by a LexisNexis Financial Services expert
Practice notes
This Practice Note considers the financial conduct authority’s (fca) expectations of firms’ treatment of customers in vulnerable circumstances in line with the FCA’s finalised guidance (FG21/1) on the fair treatment of vulnerable customers, FCA supporting guidance: Delivering good outcomes for customers in vulnerable circumstances—good practice and areas for improvement, and the standards expected under the FCA’s consumer Duty. This Practice Note should be read in conjunction with the that on the FCA’s Consumer Duty, The FCA Consumer Duty—essentials, and relevant sector-specific practical guidance, for links see: Consumer protection and FCA Consumer Duty—overview.
Key points
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firms’ treatment of vulnerable consumers is a key supervisory and enforcement focus for the FCA
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the FCA’s Consumer Duty requires firms to act to deliver good outcomes for all retail customers; the FCA is particularly focused on firms delivering positive outcomes for vulnerable customers
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the FCA’s 2025 review of firms’ treatment of vulnerable customers concluded that firms must improve their outcomes monitoring, customer support, communication and product and services design and firms are expected to perform gap analysis against the FCA’s findings
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Financial Conduct Authority definition
What does Financial Conduct Authority mean?
The Financial conduct authority (fca), previously known as the consumer Protection and Markets Authority (CPMA), an agency formed as one of the three successors to the unlamented Financial Services Authority. The agency will regulate financial firms providing services to consumers and maintain the integrity of the UK's financial markets.
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