Insurance Cares: 50% of financial consumers could be vulnerable
Research from the FCA’s Financial Lives report reveals scale of vulnerability as it shows vulnerable customers are less likely to have “any form of insurance”.
A report by the Financial Conduct Authority (FCA) has revealed that up to 50% of financial services consumers could be classified as vulnerable.
The report – the Financial Lives Survey – found that “half of UK consumers currently show one or more characteristics of potential vulnerability (25.6m) – they may be at increased risk of harm, or would suffer disproportionately, if harm occurred”.
The research revealed that vulnerable customers were less likely to hold “any form of insurance”.
The
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