Effective handling of arrears & default is pivotal to the FCA’s vulnerable customer standards. One of the FCA’s main priorities is fair and effective communication of those in financial difficulties. Policies, procedures, checklists and assessments for those customers in arrears or default are paramount to your FCA obligations as well as your TCF expectations.
Assessing the financial status of a customer starts at the sales process and is not just an end stage factor. Ensuring that customers do not get into financial difficulties is as important as how you deal with them once they are.