FCA's vulnerability findings flag lack of tailored training and understanding

Many firms had taken positive action but ‘areas for improvement remain’

Isabel Baxter
clock • 6 min read

The Financial Conduct Authority (FCA) has found that many firms had taken positive action and made good progress in supporting vulnerable clients but found areas for improvement and flagged a lack of tailored training and understanding.

Last year, the regulator set out to review firms' treatment of customers in vulnerable circumstances following its Guidance for firms on the fair treatment of vulnerable customers published in 2021. In its findings released today (7 March), the regulator found that across its work, it was "clear" that the Consumer Duty had driven a "renewed focus amongst firms" on delivering good outcomes for vulnerable clients. Areas of good practice found but regulator finds areas for improvement The FCA found that a small number of firms had effective use of data to monitor outcomes and take acti...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA pumps £3.7m into advice/guidance boundary review work

FCA pumps £3.7m into advice/guidance boundary review work

Come as the regulator proposes to increase fees by 2.5%

Isabel Baxter
clock 08 April 2025 • 3 min read
Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read
Crispin Odey hit with £1.8m FCA fine and ban

Crispin Odey hit with £1.8m FCA fine and ban

FCA cites lack of integrity

Sorin Dojan
clock 17 March 2025 • 2 min read