The National Audit Office (NAO) has confirmed its intention to launch a study on vulnerable consumers in regulated industries.
This study will examine whether systems and incentives in certain regulated industries sufficiently and cost-effectively protect vulnerable consumers. This will include consideration of:
- The role of regulators within the wider landscape that includes government departments, ombudsman services, charities and firms themselves.
- How regulators incentivise firms to identify and consider the needs of vulnerable consumers.
- The extent to which information on the costs and outcomes of different initiatives is being used to target activities that are having the greatest impact.
The regulated industries to be included in this study include the financial services industry. The study is scheduled to commence in the Spring of 2017, with the NAO welcoming the submission of any relevant evidence in the meantime.