Vulnerable Customers
to the New Consumer Duty Report 

This report assesses the impact of the new Duty on how firms identify and protect customers in vulnerable circumstances and outlines seven clear steps firms should follow to meet the demands of the regulator.

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From Vulnerable Customers
to the New Consumer Duty Report 

The FCA is giving firms 12 months to implement the new rules, which is an extension on the earlier referenced deadline, and welcome recognition that a meaningful assessment takes time to do properly.

In a recent webinar, experts from fscom, Fieldfisher and Comentis came together to identify the main trends and developments that payment and e-money firms should consider.

This report summarises the key outcomes of this discussion, and specifically focuses on the implications of the new Consumer Duty for the payment and e-money sector and outlines a seven step framework for understanding customer vulnerability. Download your copy here today.

 

 
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Unpicks the FCA's expectations of payment and e-money institutions
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Outlines a seven step approach to developing your vulnerable customer framework
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Provides expert opinion from a regulatory, legal and technological industry viewpoint
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Key takeaways for firms about Consumer Duty and Vulnerable Customers
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When you think about areas of current focus – from ESG to diversity to operational resilience – they all relate to vulnerability. So, it’s critically important to start from the end and work back to see what is not right, and to fix it.”

Dane Pedro, Senior Manager, fscom 
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operational and security

About fscom

At fscom, we strive to offer excellent service in a professional and personable manner. We deliver this through our unrivalled understanding of financial services regulation and a strong emphasis on taking a commercial and innovative approach that puts our clients’ needs first.

We are specialists in providing regulatory advisory services to a broad range of financial services institutions including payment services and e-money, retail banks, cryptocurrency, trading and broking and asset management firms.

We work across three core areas of regulatory compliance, financial crime and cyber security and provide a range of services including compliance advice, authorisations, audits, interim roles and compliance training.
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