FCA Reviews Handling Of Vulnerable People By Finance Cos.
Law360, London (July 29, 2020, 3:31 PM BST) -- The Financial Conduct Authority urged financial services companies on Wednesday to treat vulnerable customers fairly and consistently, and warned it would take action where this was not happening.
The regulator has set out proposed guidance on the way banks, insurers and other finance firms should handle vulnerable consumers, saying it has found that the industry must do more to ensure that such people enjoy "positive outcomes."
Many businesses do "excellent work" to help vulnerable customers, but the regulator "will not hesitate to step in where others do not," Christopher Woolard, interim chief executive, warned.
The FCA said that more than 24 million people...
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