The FCA’s Occasional paper no.8
, published in 2015, raises concerns that many consumers in vulnerable circumstances are not receiving fair treatment from their financial services providers. More recently, the FCA's 2019/20 business plan
builds on the previous year’s commitment to protecting vulnerable customers (see boxout). The regulator will provide more clarity about its expectations on vulnerable customers and share good practice from across the sector.
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And Just Group, which specialises in retirement products, has recently published research
that shows that, out of 102 firms, the majority of advisers (65%) agree or strongly agree that they expect vulnerability to be formally supervised by the FCA within the next five years.
Stephen Lowe, communications director at Just Group, explains: “It is a simple hygiene factor. Financial planners, advisers and wealth managers have to be good at dealing with vulnerable customers if they want to succeed in this market.”
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