The FCA recently published the findings of its review on how firms treat customers in vulnerable circumstances, assessing whether existing guidance (FG21/1) remains appropriate under Consumer Duty. While the review highlights positive steps taken by firms, it also identifies areas requiring improvement, as vulnerable customers continue to experience poorer outcomes compared to others. This webinar, hosted by Jennifer Cahill – Associate Director, Cosegic explored the review’s key findings, the challenges firms face and how they can meet regulatory expectations.
We were also joined by Helen Lord, CEO of the Vulnerability Registration Service (VRS). The VRS is a not-for-profit organisation which provides vulnerable customers with a way of sharing information about their circumstances with financial services firms. Vulnerable people can register their status with the VRS, helping them to avoid repeating the same conversations every time they engage with firms such as lenders and creditors. During the webinar, Helen discussed what the VRS does and how they can help firms to identify vulnerable customers to ensure that they are treated appropriately and fairly.
We concluded the webinar with a 15 minute Q&A, which allowed attendees to submit questions for our speakers.
Agenda
- What the FCA’s review found
- A clear understanding of best practice when it comes to dealing with vulnerable customers
- The risks of not adhering and the benefits of best practice
- How the VRS can help firms identify vulnerable customers
- Q&A
