AUXILLIAS, a specialist consumer credit, regulatory and compliance law firm, has launched a White Paper that could be useful to brokers wanting additional guidance on FCA requirements.
Called FCA Vulnerability Guidance, the White Paper provides a useful summary of the FCA’s advice in protecting vulnerable customers, a topic of particular importance with the impact of COVID-19.
“The FCA requires firms to understand how their customers could be vulnerable, and ensure that those customers in such circumstances can receive the same fair treatment as others,” commented author Jo Davis. “These requirements relate to both regulated and unregulated businesses.”
Topics covered include:
- How do you identify vulnerability?
- How firms should manage the high level of MI expected to fulfil its regulatory obligations.
- What does good monitoring look like and is it carried out effectively?
- How can firms adequately skill up teams so that they meet FCA requirements?
- How to ensure vulnerable customers have been taken into account when designing finance or insurance products.
- How do brokers manage vulnerable customers?
The Auxillias White Paper highlights the above topics and many others, aiming to support those involved to ensure compliance across both lender and broker customer journeys; in particular the new definition of ‘vulnerability’ that is required to be implemented. To download the White Paper head to the company’s website.