StepChange welcomes FCA research into vulnerable customers seeking support from financial services firms

^{7 March 2025}

New research from the FCA shows only 4 in 10 vulnerable customers disclose their needs to their financial services providers, while those who do report better experiences.

StepChange Debt Charity welcomes the FCA's research and positive steps made by firms in supporting vulnerable customers through the Consumer Duty. However, the charity notes that there can be several barriers to people with additional vulnerabilities disclosing this to their creditors, and emphasises the importance of firms having processes in place to proactively identify vulnerabilities.

Peter Tutton, Head of Policy, Research and Public Affairs at StepChange, said:

"At StepChange, it's very common for people struggling with debt to have additional vulnerabilities, in fact over half (55%) of new clients have a vulnerable characteristic in addition to their debt problem – so it's worrying that so few vulnerable customers are disclosing their needs to their creditors.

"We know many people in vulnerable circumstances face barriers to support, such as fear and anxiety about the consequences of asking for help, not knowing what support is available and mental health problems that make it difficult to cope with their situation and take action.

"It's encouraging that many customers who reach out for support have positive experiences and this research emphasises why the Consumer Duty is so important; it's vital the FCA continues to raise expectations of firms to support customers in vulnerable situations."