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.
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.
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.