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Vulnerable Customers in Financial Services

Three interactive courses to give your staff the tools to spot the signs and characteristics of vulnerability in specific target markets and provide appropriate care to vulnerable customers.

Are you safeguarding your vulnerable customers?

A recent report estimated that 27.7m UK adults could be living in vulnerable circumstances, an increase of 15% in just a few months, with 2021 expected to show a further increase. This equates to 53% of the UK adult population – i.e. more than half.

The FCA requires firms to: “Establish and implement clear, effective and appropriate policies and procedures for the fair and appropriate treatment of customers whom the firm understands, or reasonably suspects, to be particularly vulnerable.”

Vulnerable Customers in Financial Services sets out to teach users what makes people vulnerable, what the signs and characteristics of vulnerability are in specific target markets, and how staff can help safeguard vulnerable customers. We have two versions of the course: an in-depth course and a detailed overview for staff who are less consumer-facing but still have responsibilities relating to their customers.

Topics covered

  • Vulnerability statistics
  • Who is vulnerable?
  • Spotting the signs
  • Financial abuse
  • Data protection and vulnerability
  • The Equality Act and vulnerability
  • Treating Customers Fairly initiative
  • Product and service design
  • Communication and customer service

Learning outcomes:

  • How to identify vulnerable customers and understand their needs
  • What one’s obligations are to ensure vulnerable customers are treated fairly
  • How to meet obligations under the Principles for Businesses
  • Best practice for dealing with vulnerable customers in a variety of situations

Course features:

  • A sophisticated builder for personally tailored courses
  • A wide range of scenarios to help learners apply what they have learned
  • Administrators can easily track responses to quizzes in order to gain insight into users’ grasp of the topics
  • Option to integrate with Omnitrack, our flexible data collection and reporting tool

Vulnerable customers knowledge check

Our five minute knowledge check allows users to assess their understanding of vulnerable customers best practice. With 10 short questions, including scenarios and definitions, it is a great way for admins to get an idea of their staff’s ability to efficiently care for their customers. It can also be rolled out as a refresher course a few months after initial training.

Centralised FCA compliance management solution

VinciWorks has built a centralised solution that allows compliance staff to gather all data and supporting documents in one centralised system. Automation tools allow you to set reporting reminders and automatic flagging helps you spot problems as they arise. All of our forms, dashboards and workflows are fully customisable and our system is so easy to use, you can implement it without the need for an IT department.

Contact us to learn more