Our initial response to the FCA’s consultation on fair treatment of vulnerable customers

Our initial response to the FCA’s consultation on fair treatment of vulnerable customers

Mental Health and Money Advice have welcomed new guidance consultation by the FCA on fair treatment of vulnerable customers.

Mental Health and Money Advice is a UK wide service that helps people to understand, manage and improve their financial and mental health. It is funded and managed by Mental Health UK and comprises:

  • a website containing detailed advice and information about benefits, budget management and more
  • a unique telephone casework service that provides advice on debt, welfare and mental health problems through one dedicated adviser. Currently, access to this service is only through referrals from selected partners.

The service recently published its Year 1 Impact report.

"The FCA’s signal that firms need to do more to protect potentially vulnerable customers is very welcome indeed. At Mental Health and Money Advice we see first-hand how poor care by firms unnecessarily lands vulnerable customers in hot water – for example by giving them access to credit they cannot afford, and not having the customer skills to identify and assist someone who might show initial signs that they are struggling.

The FCA has rightly emphasised the need for signposting and partnership arrangements so that vulnerable customers get the right support when they need it. Our service also helps firms who are not in a position themselves to assist customers in difficult or specialist situations – money and mental health problems can be very complex. While the guidance does not place new duties on firms, we hope it will send a strong message about the moral and business benefits of treating all customers fairly."

– Sarah Murphy,
Associate Director of Advice, Information and Training at Mental Health & Money Advice

If you would like to speak to Mental Health and Money Advice about we can help your vulnerable customers contact us at Sarah.Murphy@mentalhealth-uk.org.uk

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