The Financial Conduct Authority (FCA) has published multiple papers in recent years outlining its objective to ensure fairer access and more consistent outcomes for vulnerable consumers. The financial services industry is working towards this intended outcome but is confronted with the scale of the challenge based on identifying and supporting the wide range of customer contexts that can drive vulnerability.
There are multiple responses firms can adopt from proposition development and design, operational design, training and development, leveraging data, analytics and technology solutions such as voice analytics with the potential to break down competitive silos and collaborate best practice across the industry.
Altus, in partnership with The Investing and Saving Alliance (TISA), has developed the Vulnerability Radar for firms to periodically 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.
The Vulnerability Radar is free to use and can be accessed on TISA's website.