Last year the Financial Conduct Authority (FCA) issued the ‘Guidance Consultation and feedback statement: Guidance for firms on the fair treatment of vulnerable customers’, an assertive call to financial services to consider the fair treatment of vulnerable customers.
The 109-page document looked to change the behaviour of financial services firms and improve the way they identify and engage with customers who fall into the vulnerable category. The call for new technologies throughout illustrates the need for modern practices such as Open Banking.
Watch back the free on demand webinar, where the DirectID team dissected the FCA's ‘Guidance Consultation and feedback statement’, and explored how lenders and financial institutions can better protect vulnerable customers.
In the session we covered:
- How financial institutions recognise vulnerable and underbanked customers
- Early identification of financial distress
- Key challenges faced by lenders
- Finding a solution
Watch for Free Below!
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