Regulatory Timeline: Vulnerable Customers

Status: Final guidance issued.
Regulator: FCA

The FCA work on Vulnerable Customers started in July 2019. It’s progress has been delayed by the coronavirus pandemic, although it is also the case that the FCA appear to have used firms responses to the pandemic to help test and validate some of its work so far. Finalised Guidance was issued in February 2021 and firms should now be implementing any required changes and ensuring they are able to undertake the monitoring and evaluation of outcomes for vulnerable customers that the FCA require. We expect that they will be undertaking checks on this during 2021.

There are links with the work on General Insurance Pricing Practices and Distribution which firms should be conscious of.

This timeline provides key dates in the regulatory calendar and links to ICSR articles and webinars on the subject. If you would like to discuss any aspects of Vulnerable Customers, please contact us.

Back to Regulatory Timeline: Overview

15th March 2024

Review of firms' treatment of customers in vulnerable circumstances

The FCA has announed it will conduct a review into how firms are acting to understand and respond to the needs of customers in vulnerable circumstances, and share its findings by the end of 2024.

Read FCA announcement

16th June 2022

Ensuring the fair treatment of customers in vulnerable circumstances

The FCA have issued guidance setting out its view of what firms should be doing to comply with their obligations to ensure they treat customers in vulnerable circumstances fairly.

Read FCA Guidance

23rd February 2021

FCA Finalised Guidance Issued

FG21/1 Guidance for firms on the fair treatment of vulnerable customers published.

Read Finalised Guidance document

11th February 2021

Financial Lives 2020 survey: the impact of coronavirus

The FCA has released an update on its Financial Lives Survey, now including data on the impacts and experience of Covid-19, based on a Covid-19 panel survey in October 2020 with over 22,000 respondents.

Read Survey Report

2nd November 2020

ICSR Article: Coronavirus and Customers in Temporary Financial Difficulty: Updated Guidance

Financial Difficulty image

 

 

 

In an article looking at financial issues affecting customers as a result of the coronavirus pandemic, Nicky Hasler also considers how such issues could create vulnerabilities that need to be considered.

Read Article

21st October 2020

ICSR Article: Vulnerable Customers: Be Aware and Take Due Care

Vulnerable customers image

 

 

 

Craig Umbleja looks at the key issues for firms as they start preparing for the Policy Statement expected in Q1 2021.

Read Article

30th September 2020

FCA Consultation Period Closed

29th July 2020

Financial Lives survey - results

Survey findings: Financial Lives: The experiences of vulnerable consumers

Read the survey results

29th July 2020

FCA Guidance Consultation Paper Released

GC20/3: Guidance Consultation and feedback statement Guidance for firms on the fair treatment of vulnerable customers. The FCA note that “We expect that more consumers will be in vulnerable circumstances since the onset of coronavirus (Covid-19), and many of those will be newly vulnerable and/or have multiple drivers of vulnerability.

Read the Guidance Consultation

27th July 2020

Vulnerability guidance animation

FCA Animated video: Treating vulnerable customers fairly.

Watch video

23rd July 2019

FCA Guidance Consultation released

GC19/3: Guidance for firms on the fair treatment of vulnerable customers

Read Guidance Consultation

7th April 2020

FCA Business Plan 2020/21

The FCA Business Plan for 2020/21 is released. One of the key objectives highlighted by the FCA is to ensure “that the most vulnerable are protected.”

Read 2020/21 FCA Business Plan

Advisory & Resourcing

Pin It on Pinterest