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.”