A vulnerable customer is someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.    

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Vulnerable Customers

Vulnerable customers is a complex piece of regulation, further complicated by the sensitivities connected to identifying and supporting people coping with characteristics of vulnerability.

 

Altus has been closely involved with industry efforts to improve the treatment of vulnerable customers for a number of years. Combining expertise from across the industry with input from the Financial Conduct Authority to develop the Vulnerable Customer Training Series exclusively for financial services organisations to assist firms in delivering the skills & capability to satisfy the regulator.

Vulnerable Customer Training Series

The training series offers financial services organisations access to a scalable and cost-effective training series that are designed to be hosted on learning and management systems. The training comprehensively brings together the latest regulation, industry best practice and thinking in identifying and supporting people coping with characteristics of vulnerability.

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The FCA's Financial Lives Survey, released at the beginning of 2021, focused on the impact of the Coronavirus pandemic. Unsurprisingly, vulnerability has increased 15% from early-2020.

The Financial Conduct Authority's (FCA) Financial Lives Survey, released at the beginning of 2021, focused on the impact of the Coronavirus pandemic. Unsurprisingly, vulnerability has increased 15% from early-2020, having fallen 10% between 2017-20, due to reducing digital exclusion and improving financial resilience.

In 2020, we hosted a webinar series to explore the scope of the challenge faced by the industry. Over 10 weeks, we invited 14 different experts to share their insights.

Self-Assessment Tool 

Is your organisation ready for vulnerable customers? The Vulnerability Radar allows you to freely assess your organisation's assess their capability in supporting vulnerable customers. The Vulnerability Radar asks a range of questions relating to policy, products, systems, and implementation, assesses the responses against best practice and provides a score and recommendations to help companies identify areas for improvement. 

To find out more, please contact