The FCA Finalised guidance FG21/1, Guidance for firms on the fair treatment of vulnerable customers, provide a model – the TEXAS Model – of how firms can put support customers across a range of vulnerable situations. 

The guidance notes that the TEXAS Model is used across sectors to manage a wide range of vulnerable situations and to help ensure that firms record:

• The most relevant information about the characteristics of vulnerability
• How these characteristics affect support needs, and
• Helping to meet data protection requirements.

When dealing with customers’ personal information, firms must ensure that they comply with all applicable data protection requirements. In all cases, firms should ensure that they are open and transparent with their customers about how any information disclosed will be used to meet their needs.