New Vulnerability Guidance: have your say
06 April 2016, Jonathan Levack, Head of Policy Projects
While many were looking forward to a well-earned break over Easter, we were hard at work making sure we have the right protections in place for vulnerable consumers.
As the regulator for premium rate services in the UK, we have a responsibility to ensure vulnerable consumers are protected from harm when using them.
Many of you will know that we have a programme of work dedicated to this task. To date, this programme of work has included:
- the relevant Code of Practice rule being updated
- the publication of a discussion document on vulnerability, and
- the formation of a working group with external stakeholders that have been helping to develop an appropriate regulatory response on consumer vulnerability.
Just before Easter we published a consultation on draft vulnerability Guidance for consultation, which represents the next step in this programme of work. This Guidance is intended to help providers:
- interpret and meet the requirements of the Code of Practice
- reduce the risk of vulnerable consumers being taken unfair advantage of, and
- build confidence and trust in the market.
As you will see, we have intentionally kept the proposed Guidance short, user friendly and practical.
We now seek your views on our Vulnerability Guidance. Responses to the questions in the consultation document – and views of the Guidance more generally – are requested by 18 May. Details on how to respond can be found in the document.