Our report Dealing with vulnerable customers: the industry response is the first in-depth examination of the progress firms have made so far and how best to meet the challenges that lie ahead.
We’ve structured our findings around the 4 Rs framework: Recognise, Record, Respond and Report. Our report considers a range of views, from those who have day-to-day dealings with vulnerable customers at the coalface, to those that offer a more strategic perspective. Findings include:
- Overall, firms reported the number of recorded vulnerable customers as less than 5%, for some firms it’s less than 1% of the overall customer base. In contrast the FCA believe that around 50% of consumers are potentially vulnerable.
- Over half the firms surveyed (54%) think the way an organisation deals with vulnerable customers will deliver a competitive advantage - only 14% do not.
- Almost two thirds (65%) expect vulnerability to become a supervisory activity for the FCA in the next five years - only 8% do not.
Read our report to find out more. You’ll understand: how ‘vulnerability’ is being interpreted, the learnings so far and ideas to help accelerate progress.
And, don't forget to learn more with the new, free training: Consumer Vulnerability in Later Life