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Vulnerable customers: FCA urges firms to act on suspected coercion and financial control

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Published on: 20 May 2024

Published by LNB News

LNB News 20/05/2024

Document Information

Issue Date: 20 May 2024

Published Date: 20 May 2024

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Conduct Authority (FCA) has published an article on financial abuse reminding firms that the Consumer Duty sets ‘higher and clearer’ standards of consumer protection across financial services and urging them to be alert to the possibility of coercion and financial control to reduce foreseeable harm. It sets out the FCA’s expectations around actions and examples of firms improving outcomes for victim-survivors.

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