In a new blog post, Financial Conduct Authority Head of Cross-Cutting Delivery Alison Russell highlighted findings from the regulator’s consumer vulnerability review, which found that payment and e-money firms achieved the best outcomes when they understood customers’ needs and adapted support accordingly. Under the Consumer Duty, firms should deliver good outcomes for all retail customers, including those in vulnerable circumstances, and around half of UK adults show at least one characteristic of vulnerability. Policies and training alone were not sufficient. Better-performing firms used management information, complaints, customer feedback and quality assurance to test customers’ actual experiences and correct problems. The FCA said smaller firms can take proportionate steps, such as regular senior management reviews of identified vulnerabilities and related complaints, rather than investing in sophisticated systems. The message reinforces the regulator’s broader Consumer Duty focus on stronger testing, management information and governance.
2026-09-17Financial Conduct Authority
UK Financial Conduct Authority calls on payment firms to test and adapt support for customers in vulnerable circumstances
The Financial Conduct Authority urged payment and e-money firms to understand customers’ vulnerabilities, tailor support and test whether it delivers good outcomes. Firms should use management information, complaints and feedback to identify shortcomings, with proportionate senior management reviews available to smaller providers.