 |
answer text |
<p>The Government works closely together with regulators, the financial services industry
and other stakeholders, to ensure that all consumers of financial services receive
appropriate protection.</p><p> </p><p>The Government has a range of work underway
which will improve support for vulnerable consumers, including legislating to protect
access to cash through the Financial Services and Markets Bill, and piloting a No-Interest
Loans scheme which aims to help consumers in vulnerable circumstances who struggle
to access affordable forms of credit.</p><p> </p><p>In February 2021, the FCA published
its finalised guidance for firms on the fair treatment of vulnerable customers, setting
out a number of best practices (https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers).
This applies to all firms where the FCA Principles for Business apply, regardless
of sector, and in respect of the supply of products or services to retail customers.
This guidance explores, among other things, how firms can understand the needs of
vulnerable customers and provide targeted services for this cohort. Examples range
from staff having the skills and capability to recognise and respond to the needs
of vulnerable customers to product and service design, customer services, and communication.</p><p>
</p><p>The Government also continually keeps the FCA’s regulatory perimeter under
review, and works with the regulators to consider calls to amend the perimeter.</p>
|
|
