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StepChange Debt Charity responds to FCA Occasional Paper on Vulnerability

23 February, 2015

In response to today’s (Monday’s) release of the Financial Conduct Authority’s Occasional Paper on Vulnerability, chief executive of StepChange Debt Charity Mike O’Connor, said:

“We welcome this guidance from the FCA, and are particularly pleased to see emphasis on the crucial need to protect people who have fallen, or are at risk of falling, into financial difficulty. A range of personal circumstances can leave a person more susceptible to problem debt, and banks and creditors are often in the best position to spot these people at the earliest stage.

“We do see examples of good practice, but more needs to be done to ensure greater consistency throughout the industry. At StepChange Debt Charity, we regularly work with firms to help them improve their processes for dealing with financially vulnerable consumers. Financial firms, the regulator and charitable organisations must continue to work together to create the best solutions and outcomes for the most vulnerable in our society.”

StepChange Debt Charity news contacts

Contact the the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016