In November 2017, we published Our Future Approach to Consumers consultation paper. This was the start of a discussion with our many stakeholders on our Approach to regulating for retail consumers. We received a wide range of responses and we have used the responses to inform our Approach to Consumers and feedback statement.
Our Approach to Consumers document aims to address concerns raised in the feedback to the consultation. It sets out our vision for well-functioning markets for consumers and the conditions we want to see to achieve this. We also explain how we use our powers and tools to protect consumers, and commit to review and adapt these to ensure we achieve the greatest impact for consumers.
- We reverted back to the original definition of vulnerability from Occasional Paper No 8, which defines a vulnerable consumer as: 'someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care'.
- We published a Feedback Statement summarising the responses received to its Discussion Paper – ‘A duty of care and potential alternative approaches’ – published in July 2018, and setting out next steps.
- We have consulted on guidance for firms which gives our view on what the Principles require of firms involved in the supply of products or services to retail customers who are actually, or are potentially, vulnerable.
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