The BVRLA has responded to the latest consultation from the Financial Conduct Authority (FCA) on its guidance for firms when dealing with vulnerable customers. The guidance provides firms with practical guidance along with the FCA’s expectations of firms when handling vulnerable customers.
The BVRLA broadly welcomed this latest version of the guidance but did ask for:
- More cases studies especially regarding identifying vulnerable customers
- Unity in interpretation with the Financial Ombudsman Service
- Clearer responsibilities throughout the supply chain depending on who is selling the product.
The FCA expect to publish final guidance on vulnerability in late 2020 or early 2021, however members may wish to start considering the guidance now as there won’t be an implementation period for the guidance.
