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TISA responds to FCA vulnerable customers guidance consultation

July 24, 2019

TISA, the investing and saving membership alliance, has responded to the FCA’s Guidance consultation:

Guidance for firms on the fair treatment of vulnerable customers.

Stephen Gay, Policy Team Manager at TISA, commented:  

“We are pleased to see the launch of this much-anticipated consultation and we will be considering it carefully with members in our working group.

“TISA members are working together with charitable organisations and technology providers to build a better understanding of the needs of vulnerable people, and to develop solutions that support good and consistent practice.

“We note that the FCA’s consultation has a particular focus on protecting vulnerable people and treating them fairly. It’s long been our view that protecting vulnerable consumers is something that should sit at the heart of what firms are doing both strategically and operationally. Ultimately we should all be working to ensure the benefits of financial services are available to all in society whatever their personal circumstances.”


Issued on behalf of TISA by Atlas Partners, for further information please contact:

Clara Rees Jones: telephone: 020 7183 7154 or 07523609413, email: clara.reesjones@atlas-partners.co.uk

Email: tisa@atlas-partners.co.uk

Notes for Editors

TISA’s ambition is to improve the financial wellbeing of UK consumers by bringing the financial services savings industry together to promote collective engagement, to deliver solutions and to champion innovation for the benefit of people, our industry and the nation.

We do this by focusing on good consumer outcomes and harnessing the power of our broad industry membership base to deliver practical solutions, new digital infrastructure and by devising innovative, evidence-based strategic proposals for government, policy makers and regulators. This holistic approach to address the major consumer issues uniquely positions TISA to deliver independent insight, promote innovation and facilitate good practice.

TISA’s rapidly growing membership is representative of all sectors of the financial services industry. We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.

TISA will unveil Vision 2025 – our strategic policy roadmap towards delivering a material impact in enhancing consumers’ financial wellbeing at our Annual Conference in December 2019.  Our current strategic policy focus includes making financial guidance more widely available; financial education for young people; retirement savings and addressing consumer engagement, particularly for the vulnerable.

Complementing our development of consumer policy and thought leadership, TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives (TeX/STAR, Digital ID, MiFID II and Open Savings & Investment). This reflects TISA’s commitment to open standards and independent governance.

TISA is also recognised for the support it provides to members on a range of operational and technical issues targeted at improving infrastructure and processes, establishing standards of good practice and the interpretation and implementation of new rules and regulations. This work currently includes MiFID II, CASS, SM&CR and addressing cybercrime.