Vulnerable customers and Digital Channels
How financial services firms can protect customers while fulfilling regulatory obligations
The Financial Conduct Authority (FCA) has changed its expectations about a financial service firms treatment of vulnerable customers. The FCA estimates that half of adults living in the UK (25.6 million people) display one or more characteristics of vulnerability. Is your firm doing as much as it could to support vulnerable customers?
Recent fines prove how failing to take into account vulnerable customers within your products and services has resulted in penalties running into the hundreds of millions of pounds. We put together this white paper, Vulnerable Customers and Digital Channels, to help you understand:
- What the FCA is saying about your obligation to vulnerable customers
- What to look for when it comes to vulnerable customers on digital channels
- How technology can help you identify vulnerable customers to take quick action
Plus, you’ll read about how a major retail bank used Glassbox to meet regulatory requirements on a new digital channel.