Money Advice Trust responds to FCA Vulnerability Review
Vulnerability Lead, Chris Fitch, responds to the FCA's Vulnerability Review
Posted March 7, 2025
The Money Advice Trust has responded to the FCA's review of firms' treatment of customers in vulnerable circumstances. Through it's training and consultancy services, the Money Advice Trust has trained more than 64,000 staff across 400 creditor organisations, supporting them to improve outcomes for customers in vulnerable circumstances.
Chris Fitch, Vulnerability Lead at the Money Advice Trust, said:
“The FCA’s Review addresses the importance of consumer vulnerability disclosures. But the most significant findings are that the majority of firms were unable to monitor or take action on outcomes for vulnerable customers, and that most had not made significant progress on product and service design for vulnerability. It is notable, too, that nearly half of firms had not provided training to staff in non-frontline roles.
“These ‘firm-side factors’ may explain why the FCA’s new consumer research reveals vulnerable customers had poorer outcomes than non-vulnerable customers on almost every service experience measure used.”
The Money Advice Trust has a range of resources and activity to support firms to understand and respond to the FCA's review. Find out more by visiting our FCA Vulnerability Review hub.
