In brief
July 2024 saw the final stage of the introduction of Financial Conduct Authority’s (FCA) Consumer Duty regulations with their application to existing customers and “back-books” to all consumer facing Financial Services businesses – having applied to new customers from July 2023.
The FCA have been at pains to repeatedly reinforce the need for organisations to effectively accommodate and support vulnerable customers – including highlighting that vulnerability should not just be considered as financial difficulties but should include areas such as physical and mental constraints.
Whilst the potential multi-million pound fines for non-compliance are a key consideration for regulated businesses, the challenge of identifying and supporting vulnerable customers extends to all consumer facing organisations, whether regulated or not.
Effectively identifying, enabling and supporting vulnerable customers presents a significant business opportunity – both enhancing customer advocacy and reducing costs through reducing customer effort for all.
Our whitepaper covers:
- What is it – what is the vulnerable customer challenge and why does it matter?
- How it impacts the majority of customers – why the challenge doesn’t just relate to customers in financial difficulties
