In a recent speech Sheldon Mills from the Financial Conduct Authority (FCA) made it clear that the financial services industry has a role to play in helping consumers manage their personal finances during the cost-of-living crisis.
The FCA expects regulated firms to support consumers struggling with personal debt or showing signs of financial difficulty during this period, helping them obtain the advice they need and avoid falling victim to scams or illegal money lending. In addition, the regulator expects there to be effective early engagement and communication with consumers, ensuring that they are aware of where help is available.
The full speech by Sheldon Mills, Executive Director, Consumers and Competition at the FCA.
The BVRLA’s FCA Vulnerable Customers Guidance factsheet is available for members to download, which provides guidance on how firms can support customers who are struggling.