The Money and Pensions Service welcomes the Financial Conduct Authority’s publication of guidance for firms on the fair treatment of vulnerable customers today.
James Fearnley, Policy and Propositions Manager at the Money and Pensions Service commented:
“We know that Covid-19 has deepened existing vulnerabilities for some and exposed others to financial difficulty for the first time. We welcome the timely publication of this guidance, which will help firms provide appropriate support for customers in vulnerable circumstances.
“This aligns with our recommendations on building the UK’s financial wellbeing in light of Covid-191, which highlighted the importance of firms taking a strategic approach to customer vulnerability: such as training frontline staff on spotting signs of vulnerability, involving vulnerable customers in the design of products that meet their needs, and linking them with third-party support services where needed, to ensure people get the right support at the right time.
“We look forward to continuing to work with the FCA and others on further ways to help support these customers, as part of our ongoing work to implement our UK Strategy for Financial Wellbeing.2 ”
Notes to editors:
- Building the UK’s financial wellbeing in the light of Covid-19
In January 2020, MaPS recruited 11 groups containing a total of 145 of the most experienced minds in the UK to develop financial wellbeing delivery proposals to achieve the five national goals of the UK Strategy for Financial Wellbeing by 2030.
In April, following the emergence of the coronavirus pandemic, the independent ‘Challenge Chairs’ of the groups were asked to make urgent recommendations to address the financial wellbeing impact of the crisis. The report, Building the UK’s financial wellbeing in the light of Covid-19 was the result of this work, independently published by the Chairs on 15 October 2020.
Further information and the MaPS response is available here.
- About the UK Strategy for Financial Wellbeing
In 2019 MaPS spent 12 months listening to stakeholders and developing a new UK Strategy for Financial Wellbeing, which is designed to drive change at scale and shift the dials on personal finance.
The UK Strategy was released in January 2020 as the ten-year framework which will help achieve the vision of everyone making the most of their money and pensions. MaPS will play a key role in achieving this vision, by supporting and working with a wide range of other organisations and by delivering services where appropriate.
About the Money and Pensions Service
The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through the Money Advice Service, The Pensions Advisory Service and Pension Wise.
MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.
MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).