The UK’s Financial Conduct Authority ordered financial firms to do more to protect vulnerable customers; the FCA issued the order after finding that nearly half of all UK adults may be “especially susceptible to harm” and some have been “exploited for gain”; characteristics of vulnerability include problems with mental health, financial resilience, capability and coping with life events, such as bereavement; the regulator found examples of customers who were already in financial difficulty being hassled with additional lending emails; Christopher Woolard, interim Chief Executive at the FCA, warned that the regulator would take action against any firms that fail to do so. “Supporting vulnerable consumers is a key focus for the FCA, and the coronavirus crisis has only highlighted its importance,” he said to the FT. “While many firms do excellent work to support their vulnerable customers, we will not hesitate to step in where others do not.” Financial Times.
