Following up on their Financial Lives Survey, the Financial Conduct Authority had set forward expectations of companies to help ensure that vulnerable customers recieve fair treatment and achieve outcomes relative to other customers. This is because those deemed “vulnerable” by the definition used by the FCA (“characteristics of vulnerability such as poor health, experiencing negative life events, low financial resilience or low capability”, FCA, 2021, para. 2) can have their judgement affected by the same factors that identify them as vulnerable.
The “Memorandum of Understanding”, or MOU, was published alongside this guidance. Made with assistance from the Equality and Human Rights Commision, it lays the foundation for future cooperation between the two groups to further protect customers of the financial services market.