Vulnerable customers fall behind peers in contact with firms, finds FCA research

Consumers with challenging personal circumstances are a third more likely to have a negative experience from contact with the financial services sector than other members of the population, according to new research from the regulator.

By Neasa MacErlean

But changes in attitudes look easier to achieve than firms might realise since the FCA also discovered that there is a high chance of a marked improvement if such customers explain their situation to these institutions. For instance, nearly three-quarters (74 per cent) of vulnerable people said that after giving such an explanation they found that the staff responded by asking the right questions.