Opinion: Michael Sicsic on protecting vulnerable customers
Recognising vulnerability: Putting vulnerable customer guidance into practice will give a boost to customer retention and help build a stronger brand, says Michael Sicsic
Recently, the Financial Conduct Authority (FCA) published new guidance on how it expects insurers and brokers to protect vulnerable customers.
While some good work is recognised – particularly responses to Covid-19 – the report also makes it clear that others, including some brokers, are failing to act fast or far enough. Overall, the FCA believes that leaves room for improvement and greater consistency.
Make no mistakes about it – when the FCA issues guidance, it is not optional.
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