The Consumer Council's response to the FCA Vulnerable Consumer Guidance consultation
The Consumer Council welcomes the opportunity to contribute to the Financial Conduct Authority’s consultation on Guidance for Firms on the Fair Treatment of Vulnerable Consumers.
Of the devolved UK nations, Northern Ireland has the lowest median wage with median weekly earnings for 2018 at £521 compared to the UK average of £569 . A recent report released from Which? shows that only half (49% ) of those in Northern Ireland were content with their income, over a quarter (26% ) do not have money saved for a “rainy day”, and 50% of consumers have less than £300 left after mortgage/rent and essential bills in a typical month.