New research from the Financial Conduct Authority (FCA) found that only four in 10 vulnerable customers have disclosed their needs to financial services providers.
For those who did, they reported better experiences with their provider – with 74% saying staff asked the right questions, 57% feeling their firm cared, and 58% seeing support actions taken.
Vulnerability can arise from various factors like health, life events, financial or emotional resilience, or poor financial literacy.
The research found that vulnerable customers often reported more negative experiences with financial services compared to non-vulnerable customers.
Sarah Pritchard, executive director for competition, markets and international, said: “It can be hard to tell your bank or insurer about your specific needs, but those who ask for help tend to feel more supported.
“We’ve seen good examples where financial firms are making a difference for vulnerable customers, but we know that vulnerable people report more negative experiences than others.
“We want firms to build on the good work identified, to help people open up and make sure they get the support they may need.”
