PSA reviews its approach to vulnerable or at-risk consumers
26 August 2020
The Phone-paid Services Authority (PSA) has reviewed its approach to vulnerability, to make sure that it is aligned with best practice, supports consumers, and provides stakeholders with the right support and tools to do the same.
As set out in the PSA’s Business Plan and Budget for 2020/21, at the end of 2019, the PSA commissioned a report which:
• surveyed and assessed best practice across some key UK regulators in relation to vulnerability
• assessed how the PSA’s approach to regulating in relation to consumers who are vulnerable or at risk compares to best practice
• provided recommendations on what the PSA could or should do differently.
The report can be read in full here.
Building on the recommendations in that report, the PSA has developed a work programme to ensure its approach to vulnerability meets best practice. The majority of these changes will be progressed as part of the development of Code 15. You can find a summary of the work programme here.
You can also read this blog about the PSA’s work in this area.