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How fintech can reach out to the financially vulnerable.

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Date

22nd July 2022

Steve Lowe

Steve Lowe


An article by our Jerry Young has been featured on FintechZoom.

In this article, Jerry discusses how the Financial Conduct Authority’s (FCA’s) Guidance for Firms on the Fair Treatment of Vulnerable Customers makes it very clear that financial services providers should be doing all they can to provide access to products and services to all.

The guidance is clear in expecting firms to provide customers with a level of care that is appropriate given the specific characteristics of the customers themselves. It states that the level of care that is appropriate for vulnerable consumers may be different from that required for others, and firms should take particular care to ensure everyone is treated fairly.

At a first glance, it may seem that this box is well on the way to being ticked, with banks and building societies now offering a myriad of options for people to interact with them. Telephone call centres are being bolstered by increasingly sophisticated technology, such as banking apps and interactive websites, and a face-to-face branch network is still maintained by many firms – although the continued closure of branches across the country, by many of the major providers, is still arguably a topic that concerns many, particularly the elderly.

Read the full article on Fintechzoom.com

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