Rachel Waller, Contentious Wills and Probate Partner at Excello Law, has provided her comments on the latest findings from the Financial Conduct Authority’s (FCA) vulnerability review, which sheds light on the experiences of vulnerable customers within the financial services sector.
The FCA’s research found that 40% of vulnerable customers have disclosed their needs to their financial services provider. Of those who did, 74% reported that staff asked the right questions to understand their circumstances, while 57% felt that their firm ‘cared’ and 58% said their firm took action to provide the support they needed.
However, the research also revealed that vulnerable customers were more likely to report negative experiences with financial services firms—such as banks or insurers—compared to non-vulnerable customers. This disparity highlights ongoing challenges in ensuring equitable treatment and adequate support for vulnerable individuals in the financial sector.
Commenting on the research, Rachel Waller, Contentious Wills, Trusts, and Estates Partner at Excello Law, said:
“There is some welcome news in this research, particularly that vulnerable people who told their financial provider about their circumstances had better experiences. However, it is concerning that this research found that 60% of vulnerable people don’t tell their financial provider about their circumstances.
It is crucial that financial services providers are alert to the types of financial abuse that can take place, particularly involving vulnerable and elderly individuals. I see in my practice every day the devastating impact that financial abuse has, and it is vital that professionals in the financial sector are trained to spot the signs so that action can be taken to safeguard victims as soon as possible.”
With financial vulnerability continuing to be a critical issue, the FCA’s findings highlight the importance of proactive engagement by financial firms to better support and protect their most at-risk customers. Ensuring that staff are well-trained and equipped to handle these situations with sensitivity and diligence is essential in preventing financial abuse and fostering a more inclusive and supportive financial services environment.
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