FCA finds ineffective monitoring of outcomes for vulnerable customers
The Financial Conduct Authority has reported ineffective outcomes-monitoring for vulnerable customers by financial services firms, with some businesses lacking clarity on what good looks like, and failing to have clear measurements.
The FCA also revealed firms were not escalating issues or making changes where needed.
The regulator explained: “Anyone can become vulnerable due to health, life events, ability to withstand financial or emotional shocks, or because of poor financial or digital literacy.”
Areas for improvementIneffective outcomes monitoring: Most firms in the multi-firm work into outcomes monitoring were unable to show how they effectively monitor and take action on outcomes for customers in vulnerable
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