Regulatory Alerts2022-05-17
CoFR Consumer Vulnerability Framework April 2021
The Council of Financial Regulators issued this non-binding framework to guide financial firms in developing approaches to assist vulnerable consumers. It defines vulnerability as a state resulting from specific circumstances rather than fixed groups, identifying four primary drivers: health factors, life events, resilience, and capability. The document urges industry to implement processes that address these evolving risks to mitigate harm and align with good business practices.
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