Focus on Vulnerable Customers
Vulnerable customers is a broad regulatory topic which impacts across the whole organisation and requires a cultural change in mindset. All senior managers and employees must consider how their roles and activities need to adapt. With the FCA's evaluation coming in 2023, vulnerability needs to be on everyone's agenda.
Altus has developed the Vulnerable Customer training series to assist firms in delivering the skills and capability of staff. 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 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.
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.