The fair treatment of vulnerable customers is a key priority for
the FCA. It is an important topic not least because the FCA
considers that half of UK adults (25.6 million people) display one
or more characteristics of potential vulnerability.
The FCA's definition of a vulnerable customer is
intentionally broad and captures anyone who "due to their
personal circumstances, is especially susceptible to detriment,
particularly when a firm is not acting with appropriate levels of
care".
Vulnerability for these purposes can be both 'actual'
and 'potential' and is dependent, to some degree at least,
on the nature of a customer's treatment by firms and the level
of complexity of the products or services that a customer is
engaging with as well as the customer's personal
circumstances.
