Having adequate, effective and compliant policies, procedures and training workshops on what makes a customer vulnerable, how to identify them and how to communicate effectively is not only a mandatory FCA requirement, but also an essential business practice.
It is even more important in times of national crisis, such as the current pandemic, to ensure that your Vulnerable Customer Policy and any associated assessments and procedures adequately explain how your company works with those who are vulnerable. A policy for vulnerable customers should also guide and inform employees in compliant and ethical communication techniques.
The FCA defines a vulnerable customer as: –
“Someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”
Vulnerable Customer Definitions
- Customers who are unable (for whatever reason), to make an informed decision at the time of dealing with them (i.e. those with language barriers; hearing difficulties; mental health issues; bereavement; the elderly). Such customers may struggle to decide on whether the service/product you are providing is in their best interests.
- Customers whose welfare (financial, mental or physical) could be put at risk through choosing the service/product you offer. Such customers include anyone who is going to be put at detriment from taking up your offer and as such warrants further help or guidance.
- TCF & Vulnerable Customers Toolkit £279.00 (ex vat)
- Vulnerable Customers Policy Template £25.00 (ex vat)
- Vulnerable Customers Training Package £149.00 (ex vat)
- Treating Customers Fairly (TCF) Interactive Dashboard & Guidance Manual £99.00 (ex vat)
- TCF Policy Template £20.00 (ex vat)
Vulnerable Customer Templates, Toolkits & Policies
Whether you are looking to develop a compliant Vulnerable Customer Policy, implement an in-house Vulnerable Customer Training Package or simply review your existing vulnerable customer procedures and practice; Know Your Compliance Limited supply regulatory compliance documents to over 4500 organisations and specialise in FCA, GDPR and AML compliance.