Good Outcomes for Vulnerable Customers
Companies have a legal obligation to identify the signs of vulnerability and ensure that vulnerable individuals are treated fairly.
The FCA defines a vulnerable person as someone who is susceptible to harm when a firm doesn't act with the appropriate level of care. Personal circumstances relating to health, life events, resilience and capability increase an individual's risk of vulnerability.
Our Good Outcomes for Vulnerable Customers Course will help your employees to better identify, understand and address the needs of those in vulnerable circumstances.
Learning objectives
- Recognise who is vulnerable, and the different ways in which people may be vulnerable
- Identify signs and triggers (eg in account performance or customer communications) that may indicate vulnerability
- Understand and follow the measures that our Firm has adopted to safeguard customers who are vulnerable
- Take appropriate action to safeguard vulnerable people
- Handle disclosures more effectively in line with industry-approved tools
- Know what information we can record and how to meet data protection requirements
Introduction
Recognising Vulnerability
- Scenario 1: Sara's new friend
- Scale of vulnerability in the UK
Who is vulnerable?
- Cost-of-living crisis & vulnerability
- You decide: Recognising the drivers
- Actual versus potential vulnerability
- You decide: Who is vulnerable?
- Vulnerability & the spectrum of risk
- You decide: Gauging vulnerability
- Cases: In the news
- The consequences of vulnerability
- Our impact on vulnerable customers
Recognising customer vulnerability
- You decide: Is it a concern?
- Recognising the barriers
Ensuring fair treatment of vulnerable customers
- Your responsibility
- Best practice
- Handling disclosures
A more flexible approach
- Scenario: Jakub's account
Data protection requirements
- Involvement of third parties
