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<p>The pricing of financial products remains a commercial decision for firms, in which
the Government does not seek to intervene.</p><p> </p><p>UK banks’ and building societies’
treatment of their customers is governed by the Financial Conduct Authority (FCA)
in its Principles for Businesses. This includes a general requirement for firms to
provide a prompt, efficient and fair service to all their customers.</p><p> </p><p>More
broadly, protecting vulnerable customers, such as those with low digital skills, is
a priority for the FCA. The FCA requires firms to identify particularly vulnerable
customers, and to take these customers into consideration when designing products.</p><p>
</p><p>Further to this, the FCA recently concluded a guidance consultation for firms
on the fair treatment of vulnerable customers. While many firms have made significant
progress on this, the Treasury and the FCA want to see the fair treatment of vulnerable
consumers being taken seriously by all firms so that vulnerable consumers receive
consistently fair treatment.</p><p> </p><p>The Treasury continues to work with firms
and the FCA to ensure that the needs of vulnerable customers are met.</p>
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