The Financial Conduct Authority is encouraging vulnerable customers to speak up about difficulties they face after the regulator found that just 40% have disclosed their needs to their financial services provider.

Sarah Pritchard, executive director, competition, markets and international at the FCA, said: “It can be hard to tell your bank or insurer about your specific needs, but those who ask for help tend to feel more supported. We’ve seen good examples where financial firms are making a difference for vulnerable customers, but we know that vulnerable people report more negative experiences than others.

“We want firms to build on the good work identified, to help people open up and make sure they get the support they may need.”

The FCA said its research showed that opening up to providers made a material difference for vulnerable customers. It found that 74% who told firms about their circumstances said that staff had asked the right questions to understand the situation, while 58% said their firm had taken action to provide the support needed.