A white paper looking at recent official guidance on how the financial services industry and insurance sector can best meet the needs of vulnerable customers has been published by Hymans Robertson.
The consultancy has published the paper after the Financial Conduct Authority (FCA) updated its guidance following a feedback period earlier this summer. The regulator plans to issue its final guidance later this year.
Ahead of that – and in light of the ongoing COVID-19 crisis – Hymans Robertson has put together some analysis and commentary around the issue as it expects to see an increase in the number of individuals who exhibit signs of vulnerability, a spokesman said.
The white paper focuses on a number of key issues, including:
- Who vulnerable customers are and how their vulnerability impacts them accessing insurance
- The draft guidance issued by the FCA
- How COVID-19 has affected vulnerable customers
- Other industries’ approach to vulnerable customers
- Where insurers should be focusing their attention
The white paper is available to download here.