Insurance Cares: 50% of financial consumers could be vulnerable
Research from the FCA’s Financial Lives report reveals scale of vulnerability as it shows vulnerable customers are less likely to have “any form of insurance”.
A report by the Financial Conduct Authority (FCA) has revealed that up to 50% of financial services consumers could be classified as vulnerable.
The report – the Financial Lives Survey – found that “half of UK consumers currently show one or more characteristics of potential vulnerability (25.6m) – they may be at increased risk of harm, or would suffer disproportionately, if harm occurred”.
The research revealed that vulnerable customers were less likely to hold “any form of insurance”.
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