Ensuring that customers receive adequate protection, especially those in vulnerable circumstances, is a key priority for the Financial Conduct Authority (FCA). In line with the FCA’s Vulnerable Customer Guidance (FG21/1), firms are expected to evidence that vulnerable customers are receiving equally good outcomes as those not in vulnerable circumstances and are provided with consistent support throughout the entire product and service lifecycle.
As consumer protection laws often focus on the ‘average’ customer, vulnerable individuals are at greater risk of harm. This challenge has only grown as firms increasingly shift towards digital services. To meet these demands, companies require a dynamic Vulnerable Customer Operating Model that can adjust to the unique and evolving needs of vulnerable customers, rather than relying on approaches tailored to the ‘average’ customer.
With the FCA intensifying its focus on vulnerability—including a comprehensive two-stage review beginning in March 2024—firms will need to demonstrate how they understand and support vulnerable customers through their service design, staff training, and communications.
Our paper provides a practical framework for addressing these challenges. It has been successfully implemented across various sectors and firm sizes, offering valuable insights to guide your firm’s approach.
If you would like to discuss the contents of this white paper or find out more about how we can support your firm, please get in touch with us at hello@square4.com, or a member of the team below.
Darren Fisher, Advisory Director – dfisher@square4.com
Tracy Auchterlonie, Principal Consultant – tauchterlonie@square4.com
*Having trouble downloading the white paper? Please reach out to hello@square4.com to request a PDF copy.
Download