A recent report estimated that 27.7m UK adults could be considered to 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.
A vulnerable customer is someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.
The FCA expects firms to demonstrate how they are ensuring vulnerable customers are treated fairly. This includes recording and monitoring to ensure the service provided to vulnerable customers is as good as those provided to other customers.
VinciWorks will soon be releasing a new course, Vulnerable Clients in Financial Services. The course teaches users what makes people vulnerable, what the signs and characteristics of vulnerability are in specific target markets and customer bases, and how to provide an appropriate level of care to vulnerable customers.
In the course, users will learn:
- 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 clients in a variety of situations
- New, clean, user-friendly scroll design
- Eye-catching animations and video content
- Fully customisable
- A wide range of scenarios to help learners apply what they have learned
- Learner assessment section
- Option to integrate with Omnitrack, our flexible data collection and reporting tool
For more information, please fill out the short form below.
Upcoming Course: Vulnerable Customers in financial services is written by VinciWorks for vinciworks.com