It is also committed to working with specialist charities and organisations to raise its own understanding of how vulnerability presents in its casework.
The Financial Conduct Authority said it was unable to comment on individual cases.
However, in recent years, it has warned firms strongly to review design features that might risk promoting consumers to take actions against their own interest - such as stock trading apps which used gamification for trading.
In 2023, it unveiled the Consumer Duty regulation, under which companies are explicitly required to pay attention to the needs of customers who may be vulnerable, or have characteristics of vulnerability.
More generally, the FCA has said companies must design their services so customers can make effective, timely and properly informed decisions about financial products and services, and provide better and effective support to customers in vulnerable circumstances.
The guidance it produced in February 2021 on vulnerability aimed to bring about a practical shift in firms’ actions and behaviour.
Mental health problems
According to the Mayo Clinic: "People who gamble compulsively often have substance misuse problems, personality disorders, depression or anxiety.
"Compulsive gambling may also be associated with bipolar disorder, obsessive-compulsive disorder or attention-deficit/hyperactivity disorder."
But despite this, most financial services companies do not have robust enough policies in place that could flag when a client might be exhibiting behaviours that could lead to financial loss.
This is according to gambling charity GamCare, which in an earlier report by FT Adviser, warned: “We have received calls from people who had previously reached out for support around gambling but are now struggling with financial products and we are concerned by this trend.
“While most people might typically look at their investment portfolios on a monthly or quarterly-basis, we have heard from callers who spend up to 16 hours a day trading on volatile investment products.”
At the time, Hargreaves Lansdown told FT Adviser it had "every sympathy" for Mr Moran, but that "there was no more we could do on the matter".
This was backed up by a Fos decision.
When Moran took his complaint to the Fos in 2023, the body said it was "beyond dispute" the firm had reacted correctly to safeguard the Sipp.
In an 11-page Fos decision, seen by FT Adviser, the ombudsman responded to several allegations of failures by Hargreaves Lansdown, over the course of a few years.
But the adjudicator said: "Overall, I do not consider that HL failed in its duty to assess appropriateness in Mr M’s case.
