Guidance for fair treatment of vulnerable customers

It is important that customers who are considered vulnerable are given support to access insurance cover. Identifying and understanding that a customer is vulnerable are judgement calls and may not be straightforward. 

The Financial Conduct Authority (FCA) has published the following papers and guidance:

A vulnerability may in turn result in a customer having an impaired credit score and brokers may need to take this into account when searching for suitable insurance solutions for the customer. 


→ To continue discussions of the issue with the regulator and elaborate on existing guidance to help members in identifying customer vulnerability in order to provide appropriate help and support to vulnerable customers.
→ To raise awareness of issues around credit scoring and its impact upon vulnerable customers.

“Identifying who is a vulnerable customer, understanding their needs and ensuring staff have the skills and capabilities needed to translate that understanding into taking practical action is a challenge, but one that the FCA and BIBA are committed to succeeding on.”


BIBA Non-Executive Director and FCA Consumer Panel 2014 to 2019