The FCA has published findings from its review of how payments firms support consumers in vulnerable circumstances under the Consumer Duty.
While the FCA identified good practice, it also highlighted areas for improvement, including identifying and recording vulnerability, providing appropriate support, outcomes monitoring, management information and senior oversight.
The FCA is encouraging payments firms to consider the findings when assessing whether their own arrangements are effective and whether vulnerable customers are receiving good outcomes.
Neopay can support firms in reviewing their Consumer Duty arrangements, outcomes monitoring and approach to vulnerable customers.
Read the FCA findings here.
