As central London pawnbrokers, Suttons and Robertsons take their responsibility for the secured loans service they offer seriously. As members of the National Pawnbroking Association bound by the Financial Conduct Authority, Suttons and Robertsons work ceaselessly to ensure they have a clear picture of financial conditions within the UK at any given time.
Suttons and Robertsons, therefore, welcome the findings of a recent FCA research project that has investigated the financial lives of UK adults. The team at Suttons and Robertsons look to the research outcomes to better understand their responsibilities regarding their duty of care to their customers.
While looking at a sample of 13,000 UK consumers aged 18 over, the report identified that 50% of consumers displayed one or more characteristics that signal their potential vulnerability. The sample covered six age group segments, spanning 18 to over 65, allows Suttons and Robertsons to be aware of how they can be best placed to support their clients.
The report states that the vast majority of vulnerable people within the report (77%) are without bank accounts and/or are unemployed, with women in a slightly more vulnerable position than men.
Suttons and Robertsons are clear in the service that they fulfil, they occupy the top end of the high-value market, with secured loans offered on high-value items, including classic watches, art vintage cars. Nevertheless, the team at Suttons and Robertsons appreciate the new data from the FCA will benefit from the data as they continue to adhere to FCA rulings, but also appreciate the insight that it offers as a responsible financial entity.