Financial Services: Hexham

The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.

FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible, and ensuring their services meet the needs of all their customers, including individuals with characteristics of vulnerability.

The FCA’s Consumer Duty also seeks to raise the standard of care expected from firms for all customers. It aims to deliver products and services that offer fair value and are designed to meet customers’ needs and seeks to increase firms’ focus on delivering good outcomes and preventing harm.

The Government is committed to continuing to engage with the FCA and the financial services sector to ensure consumers can access appropriate financial services products. As part of this, I have recently published the Government’s Financial Inclusion Strategy which sets out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK.