What happened?
The Consumer Duty raises the standard for customer protection across financial services, placing greater emphasis than before on firms’ need to identify and manage vulnerability among their customers on an ongoing basis.
Writing in Money Marketing, TCC Group’s Chief Product Officer Garry Evans examines how this higher standard requires firms to take a more proactive approach to vulnerability, and offers guidance on building a safeguarding strategy that can adapt over time.
Why does it matter?
Firms that treat vulnerability as a one-off assessment, rather than an ongoing part of customer management, are unlikely to meet the standard the Consumer Duty sets, and may struggle to evidence that vulnerable customers are receiving good outcomes.
Supporting sources
Frequently asked questions
What does the Consumer Duty require regarding vulnerability?
It requires firms to identify and manage customer vulnerability on an ongoing basis, not as a one-off assessment.
Who wrote this analysis?
TCC Group’s Chief Product Officer, Garry Evans, writing in Money Marketing.
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- BankingTCC helps retail banks, challenger banks, building societies and specialist banking providers strengthen governance, manage financial crime risk and demonstrate good customer outcomes. Our specialists support Consumer Duty, remediation, regulatory transformation, FCA intervention and compliance assurance programmes through advisory, managed services, specialist resourcing and technology-enabled compliance. With more than 25 years of experience supporting FCA-regulated firms, we help banks respond confidently to regulatory scrutiny while strengthening operational resilience and customer trust.
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