The Client:
A UK authorised e-money institution seeking advice on whether they are meeting the FCA’s expectations for how businesses should treat vulnerable consumers.
Business Issues:
The client, an e-money institution, is obliged to comply with the FCA’s Principles for Businesses, which includes treating customers fairly. The client therefore wanted to assess itself against the FCA’s expectations for how businesses should treat vulnerable consumers and develop an action plan.
Solution and Results:
fscom supported the client in two phases through a series of workshops. The first phase involved two workshops that helped the client to understand the obligations and begin the process of developing and embedding a robust framework to identify and support vulnerable consumers. The second phase, workshop 3, which took place three months after workshop 2, involved a stock take of implementation, reflecting on lessons learnt and identifying the roadmap of the year ahead.