The Financial Conduct Authority has published research as part of its vulnerability review, which found that 40 per cent of vulnerable customers have disclosed their needs to their financial services provider, the Financial Conduct Authority has found.
The same research found that 74 per cent of those who told firms about their circumstances reporting staff asked the right questions to understand their situation. While 57 per cent said their firm ‘cared’ and 58 per cent said their firm took action to provide support they needed.
The research also revealed vulnerable customers were more likely to report a negative experience with financial services firms, such as their bank or insurer, when compared to non-vulnerable customers.
Commenting on research Rachel Waller, Contentious Wills, Trusts and Estates partner at Excello Law said:
“There is some welcome news in this research, particularly that vulnerable people who told their financial provider about their circumstances had better experiences. However, it is concerning that this research found that 60% of vulnerable people don’t tell their financial provider about their circumstances.
It is crucial that financial services providers are alert to the types of financial abuse that can take place, particularly of vulnerable and elder people. I see in my practice every day the devastating impact that financial abuse has, and it is vital that professionals who work in the financial sector are trained to spot the signs, so that action can be taken to safeguard victims as soon as possible.”
