FCA publishes vulnerability guidance in response to Coronavirus concerns

The FCA has published guidance on how financial firms should treat vulnerable customers in the wake of Coronavirus.

The regulator’s latest Financial Lives Surveyshows 27.7 million adults in the UK have characteristics of vulnerability such as poor health, experiencing negative life events, low financial resilience or low capability.

This figure surged by 15% – or by 3.7 million people – between March and October 2020.

While vulnerability can be transient and often difficult to identify, firms must ensure processes are in place so all customers can be treated fairly.