In Credit Podcast: Key takeaways from the Financial Conduct Authority’s finalised guidance for firms on the fair treatment of vulnerable customers
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In this episode of In Credit, A&O consumer finance team Joanne Owens, Victoria Ferres and Sophie Skeet are joined by A&O Consulting executive director Claire Haydon to discuss the Financial Conduct Authority’s (FCA) long-awaited finalised guidance on vulnerable customers.
This guidance applies to all firms where the FCA’s Principles for Businesses apply, regardless of sector and to the supply of products or services to retail customers even if a firm does not have a direct client relationship with the customer.
In this episode, the panellists explain how firms should understand the harms their customers may be vulnerable to throughout the whole customer journey so that those firms can ensure that vulnerable customers receive the same fair treatment and outcomes as other customers. The panellists also look in detail at the specific chapters including:
- Understanding the needs of vulnerable customers
- Skills and capabilities of staff
- Taking practical action
- Monitoring and evaluating compliance
For information on this or any related topics, please get in touch with the speakers, or your usual A&O contact.
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