FCA publishes customer vulnerability guidance
By Duncan Ferris
23/2/21
Pension companies must work to understand the characteristics of vulnerability that are likely to be present in their target market or customer base, according to new guidance from the Financial Conduct Authority (FCA).
The regulator’s new guidance for firms on the fair treatment of vulnerable customers calls for companies from different ends of the financial services sector to be more aware of customers’ vulnerabilities, for example noting that common characteristics of pension customers may involve health and life events associated with old age.
It also noted that firms needed to be aware that some characteristics of vulnerability, such as bereavement and relationship breakdown, would be present in all sectors.