BSA comments on FCA paper on vulnerable consumers
In response to today's FCA Occasional Paper onConsumer Vulnerability,James O'Sullivan, Policy Adviser at the Building Societies Association said:
"Financial services customers are individuals who can face many different life events. Sometimes, for all sorts of reasons an individual may need more help than they normally would - including from their building society or bank to manage their finances. Consistent standards of service, a willingness to listen and understand and a human face from staff can make a difficult situation a little easier to cope with.
"Clearly there will always be more to be learned and the BSA works closely with members, consumer groups and charities to do just that. In November last year for example, we published guidance on helping customers vulnerable to debt through long term mental or physical health conditions. This was developed in consultation with Macmillan Cancer Support and the Royal College of Psychiatrists. It assists building societies to provide fair, appropriate and consistent standards of practice to customers who have debt problems due to significant health issues.
"This occasional paper delivers helpful additional insight and we look forward to working with the FCA on this broad and crucial topic."