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

'Areas for improvement remain’

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 act...