The Vulnerability Taskforce was established following the publication of the Financial Conduct Authority’s Occasional Paper no. 8, ‘Consumer Vulnerability’. The Taskforce consisted of key industry stakeholders, charities and consumer groups, chaired by Joanna Elson, CEO of the Money Advice Trust. The output was a detailed report, ‘Improving outcomes for customers in vulnerable circumstances’ containing nine Principles and a series of recommendations which the industry voluntarily agreed to take forward.
Following launch of this report it was intended that further assurance work would be undertaken to understand how firms had progressed with the implementation of the Taskforce Principles and recommendations. UK Finance, its members and the UK Finance Consumer Advisory Group commissioned the Lending Standards Board (LSB) to conduct this review.
Read the LSB’s review of progress towards implementation summary report here.