On 15 March 2024, the Financial Conduct Authority (FCA) announced a review into firms’ treatment of customers in vulnerable circumstances. The supports the FCA’s 2021 commitment.

The announcement is in parallel with the Consumer Duty’s overarching objective, as firms are required to act to deliver good outcomes for all customers, including those with characteristics of vulnerability.

The review will consider:

  • Firms’ understanding of consumer needs.
  • The skills and capability of staff.
  • Product and service design.
  • Communications and customer service.
  • Whether these support the fair treatment of customers in vulnerable circumstances.

The review will conduct consumer research to gather information from firms and consumer representatives to make this assessment. As opposed to conducting a separate piece of work focussed solely on age related issues (as initially indicated by the FCA in 2017), the review will look more broadly at how firms treat customers, including older customers in vulnerable circumstances.

Next steps

The FCA will share its findings by the end of 2024.