View more on these topics

MPs probe how banks treat vulnerable customers

Westiminster houses of parliamentMPs on the Treasury select committee are launching an enquiry into whether banks and other financial services firms treat vulnerable customers fairly.

Financial exclusion and whether vulnerable clients could be charged too much for insurance are high up the MPs’ agenda.

The committee will also assess the possibility of adopting a legal duty of care to customers, how bank branch closures are hitting different types of consumers, and how “vulnerability” should be defined in the first place.

The work comes on the back of a drive by the FCA to stop vulnerable customers being left worse off by the payday lending and rent-to-own industries.

Treasury committee chair Nicky Morgan says: “With customers expected to take more responsibility for their financial planning and resilience, bank branches closing, and the number of free-to-use ATMs falling, it’s becoming increasingly difficult for vulnerable customers to access certain financial services.”

Compliance tip: The right training to support vulnerable customers

Evidence sessions are due to start next Wednesday.

AJ Bell senior analyst Tom Selby says: “While the Treasury committee’s terms of reference mostly focus on banking and the disappearance of high-street branches, the wider sector – including advisers and pension providers – also have a huge role to play…Companies across financial services need to build understanding of vulnerability into their respective cultures, sharing best practice and continually reviewing and improving the processes put in place to protect customers.”


Tree - thumbnail

ESG progress following investor pressure

Roundtable on Sustainable Palm Oil members will vote next week on bringing in stricter criteria for companies seeking RSPO certification. Earlier this year, more than 90 global institutional investors, including Aegon Asset Management, Aviva Investors or M&G Prudential, urged the RSPO to strengthen its draft certification standards. In a letter to the RSPO Secretariat, investment firms […]


Can Nutmeg conquer advice?

The UK’s largest online manager is venturing out to become a real player in the wider market with a financial advice offering. But, can this new fixed-fee planning service win over clients? Fresh off the back of a £12.4m loss last financial year, online investment manager Nutmeg has announced it is introducing a low price, […]


Keydata boss: I have been a victim of injustice

As he loses an appeal against a £79m fine and receives a ban from the FCA, Keydata founder Stewart Ford provides an exclusive statement to Money Marketing protesting his innocence In the matter of “Stewart Owen Ford and Mark John Owen v The Financial Conduct Authority: [2018] UKUT 0358 (TCC) – Gov. UK” 1.                  I do not […]


Keydata boss loses battle to overturn £76m FCA fine

The boss of former failed investment company Keydata Stewart Ford has lost his attempt to overturn a £76m fine handed down from the FCA. Keydata became infamous for the sale of life settlement bonds, which pooled life insurance policies into a securitised investment. The Luxembourg-registered bonds ran into trouble when it was claimed their tax […]

Your top five queries about chargeable events

So far this year, members of Canada Life’s ican technical team have answered over 3,000 queries from advisers on a wide variety of subjects. One of the main topics of conversation has been chargeable events, and below are the top five most common queries. No. 1. Entitlement to personal allowances The growth in the value […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm