FCA communications regarding treatment of vulnerable customers: Richard Farr, NED at Comentis comments

Richard Farr, NED at Comentis comments on recent FCA communications regarding treatment of vulnerable customers:

“The FCA’s direction of travel on vulnerable customers receiving good outcomes has been clear for some time, but the pressure caused by current inflation and the so called ‘cost-of-living crisis’ has brought the urgency of implementation into sharp focus in last week’s FCA’s communications to Lenders. 

“The contents of Dear CEO letter and the new guidance “Ensuring the fair treatment of customers in vulnerable circumstances” published on the same day clearly articulate the regulator’s expectation for firms to act now and not wait for the Consumer Duty to bring about the new Principle 12.”