The Financial Conduct Authority (FCA) released their final guidance paper (FG21/1) on vulnerable customers in 2021. FG 21/1 has given financial services firms the certainty that they need to take action to deliver against the regulator’s objective of fairer access and more consistent outcomes for vulnerable consumers.
A core focus is developing the skills and capability of staff in an area that is a complex and sensitive issue. The Altus training series is designed for all financial services organisations and employees. The training is delivered by pre-recorded training modules that are designed to sit on learning and management systems. It offers firms access to a scalable, cost effective and comprehensive training solution, based on the latest regulation, industry best practice and thinking in identifying and supporting people coping with characteristics of vulnerability.
Altus Consultant Jonathan Warren, who designed the training tool, commented: “Vulnerable customers is a regulatory topic which impacts across the organisation. The FCA has already warned that senior leaders and all staff must be able to demonstrate an understanding of the fair treatment of all customers, including vulnerable customers, while emphasising the skills and capability of staff as one of their six, summary actions.
We have developed the training series after receiving requests to support training, which clearly becomes difficult to deliver in-person, at scale. The training series offers financial services organisations access to a scalable and cost-effective training series that can be hosted on their learning and management system. The training comprehensively brings together thinking and experience across regulation and industry practice.”
The launch of this online training tool follows the launch of the Vulnerability Radar that Altus developed in partnership with TISA. The Vulnerability Radar allows firms to periodically assess their capability in supporting vulnerable customers by asking a range of questions relating to policy, products, systems, and implementation.