What does the Treasury Committee say?
Commenting on the launch of the inquiry, MP Nicky Morgan MP, Chair of the Treasury Committee, said: “Vulnerability, as defined by the FCA, is where someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.
âWith customers expected to take more responsibility for their financial planning and resilience, bank branches closing, and the number of free-to-use ATMs falling, itâs becoming increasingly difficult for vulnerable customers to access certain financial services.
âThe committee will examine the practicality of the FCAâs definition, the effectiveness of attempts by financial services providers to prevent increased financial exclusion, and whether a premium is placed on products such as travel insurance for vulnerable consumers.
“As part of this inquiry, we’ll be holding sessions outside of Parliament to hear from vulnerable consumers who have interacted with financial services providers.”