Press: FCA guidance on vulnerable customers

IMMEDIATE RELEASE

The FCA has sent firms a strong signal to do more to support vulnerable customers

28 July 2019

Today the Financial Conduct Authority (FCA) has launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers.

In response, Helen Undy, Chief Executive of Money and Mental Health, said:

“The FCA has sent out a really strong signal to financial firms that they need to do more to support vulnerable customers, including those with mental health problems. We’re particularly pleased that it has echoed our call for firms to consider the needs of people with mental health problems when designing products and services, making sure they are accessible and inclusive.

“The process of finalising these proposals could take a year or more, but people who are struggling now can’t wait that long for support. We urge firms to act quickly to ensure vulnerable consumers can get a fair deal, by taking steps now to improve the services they offer.”

ENDS

For more details, and for any other media enquiries, please contact Brian Semple, Head of External Affairs at Money and Mental health, on 07595 439 638 / 07935 216 804 brian.semple@moneyandmentalhealth.org

NOTES TO EDITORSAbout the Money and Mental Health Policy Institute

The Money and Mental Health Policy Institute was set up by Martin Lewis in spring 2016, registered charity number 1166493.
It conducts research and develops policies for essential services firms, regulators, the health service and government to help people with mental health problems protect themselves from financial difficulties and get out of debt.
Martin Lewis OBE, Money Saving Expert, is an award-winning campaigning broadcaster, newspaper columnist and author. He founded MoneySavingExpert.com in 2003 for £100 and remains its full-time Editor-in-Chief. It is now the UK’s biggest money site, with more than 14 million monthly users. Martin has his own prime-time ITV programme – The Martin Lewis Money Show – and is resident expert on This Morning, Good Morning Britain and BBC Radio 5 Live’s Consumer Panel, among others.
Helen Undy is a passionate mental health campaigner and became the Institute’s Chief Executive in 2018, having previously led the Institute’s impact and communications work.