Two-fifths of people who have had experiences that could make them classed as vulnerable customers by financial firms do not realise they could be defined in this way, a survey indicates.
The risk of being vulnerable could be increased by people experiencing health issues that affect day-to-day tasks; going through life events such as a bereavement, job loss or relationship breakdown; having a low resilience to withstand financial or emotional shocks; or a low capability or confidence in managing money or in other areas such as literacy or digital skills, according to guidance previously set out by the Financial Conduct Authority (FCA).
