The FCA’s customer vulnerability survey
The FCA’s customer vulnerability survey, sent to many firms, is a clear step towards finding out the financial services sector’s progress on Consumer Duty. We discuss what can be learned from this exercise.
Although the survey is substantial, it’s no surprise really that some of the questions may be challenging for many firms. Our panel looks behind the questions and what the FCA is trying to establish. We look at some of the research’s findings – including around the cost of living and affordability, which is having a massive impact on the lives of many people in the UK. 14% of people felt heavily burdened by domestic bills and credit commitments, 11% had missed paying bills in the last 6 months and 28% were not coping financially. While such results may be an improvement over the 2020 survey, they are worse than the FCA’s historical data.
Our webinar delves into the vulnerability survey. What firms are doing – and why these questions are being asked. It provide an assessment of the expectations set forth by the FCA. We explore how the survey’s focus areas align with the Consumer Duty and vulnerability regulations, offering practical insights into how firms can accurately identify and support vulnerable customers. Attendees gained clarity about responding effectively to this and future surveys, preparing for potential follow-ups, and ensuring regulatory compliance.
