Vulnerability. An open discussion
While some services are experiencing a challenging operating environment, services like giving, gaming and gambling are becoming increasingly prevalent in our market. As a regulator, we’ve been thinking
On the other hand, we’ve also been thinking about what vulnerability now means. Traditional definitions of and solutions for vulnerable consumers increasingly are being seen as static and overly simplistic. What’s becoming clear to us and other regulators, like the FCA, is that vulnerability is dynamic and broad. And if we are to ensure that vulnerable consumers are protected from harm, we are going to have to think about more than just regulation.
We all have a responsibility here – regulators, industry and consumers – in this. Therefore, we would like to start a genuine conversation with stakeholders to discuss what a changing market means for vulnerable consumers and what we can do collectively to protect them in a healthy and innovative market.
In doing so, we published a discussion document today that we hope provides a basis on which to start that conversation.
Join the discussion on Twitter using the #VulnerableConsumers hashtag or drop us a comment below. Alternatively, for lengthy responses please email Jonathan Levack at JLevack@phonepayplus.org.uk.
Vulnerability. A PhonepayPlus Discussion Document from PhonepayPlus