FCA: Investment firms fall short of Consumer Duty vulnerability and data sharing requirements

'Relatively disappointed'

Cristian Angeloni
clock • 3 min read

The Financial Conduct Authority said it is “disappointed” by the way some consumer investment firms have been applying aspects of the Consumer Duty.

During a webinar on Wednesday (6 December), Kate Tuckley, head of consumer investment at the FCA, said the regulator was "relatively disappointed" in the way some investment firms have been approaching vulnerability and information sharing. She said the FCA had seen evidence that some companies view vulnerability as a "low priority", whereas other have not considered it at all, resulting in the lack of support to vulnerable consumers. "In our recent Wealth Data survey, we highlighted that 49% of portfolio managers and 69% of stockbrokers identified no vulnerable customers," she said. ...

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