PensionBee, a leader in the consumer retirement market, has commented on the Financial Conduct Authority’s (FCA) research that shows under half (four-in-10) of vulnerable customers say they have disclosed their needs to their financial services provider.

Lisa Picardo, Chief Business Officer UK, PensionBee said: “We have always been committed to providing the best possible support for vulnerable customers, and we welcome the FCA's emphasis on encouraging individuals to disclose their needs.

“Vulnerability can take many forms, from health challenges to life events or financial instability, and it is crucial that financial services firms create an environment where customers feel safe to open up. The FCA’s findings highlight the importance of offering personalised, proactive care – not just reacting when a customer reaches out, but anticipating their needs and offering tailored support.

“The research also underscores the need to break down the barriers that prevent customers from disclosing their circumstances. Whether it’s fear of embarrassment, concerns about being treated differently, or uncertainty about whether firms can help, these are real challenges that must be addressed. We must foster an atmosphere of trust and understanding, where customers feel confident that they will be treated with dignity and respect, and that their needs will be met in a way that supports their financial well-being.

“The FCA’s research also highlights the positive impact of disclosure. Vulnerable customers who shared their circumstances with their financial services provider reported much better experiences. These findings show that when customers feel supported and understood, the relationship with their provider becomes stronger, and they are more likely to receive the help they need to manage their financial wellbeing.

“Ultimately, providing the right support for vulnerable customers isn’t just about meeting regulatory requirements; it’s about delivering better outcomes through building confidence and empowering individuals to take control of their financial futures.”