WebAccording to Jacqui Workman, the place to start in creating a plan to help deal with vulnerable customers is by creating a policy, making sure it is something that you can use, adapt and review. However, just 44% of organisations have a vulnerable customer policy in place, as highlighted in the chart below. The figures for this chart have been ... WebThe FCA defines vulnerable customers as “customers who, due to their personal circumstances, are especially susceptible to harm, particularly when a firm is not acting …
What is a Vulnerable Customer? - Know Your Compliance Limited
WebMar 6, 2024 · Understanding vulnerability. Understanding vulnerability is the first critical step to being able to treat vulnerable customers fairly. We expect firms to take a proactive approach to understanding the nature and extent of vulnerability in their target markets and customer base as well as making it easy for customers to disclose information. WebFeb 15, 2024 · In 2024, the FCA defined a vulnerable customer as: "Someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm … dale dimwitty
FCA finalises guidance on fair treatment of vulnerable customers
WebMar 12, 2024 · Anyone Can Be Vulnerable! The FCA stress throughout their guidance that becoming vulnerable can happen to anyone at any time. Assessing target markets and existing customers can identify who may be vulnerable or more suseptible to harm. WebHealth, disability, unemployment, bereavement, domestic violence and addiction can all contribute to making someone more vulnerable. Customers in vulnerable circumstances are especially susceptible to detriment. Your staff need to know how to identify and work with these customers in a way that is both consistent and fair. WebNov 9, 2024 · United Kingdom; Financial services disputes and investigations; Litigation and dispute management; Financial services; 11-09-2024. Lenders have until 30 September 2024 to respond to the Financial Conduct Authority’s (FCA) consultation on the fair treatment of vulnerable customers and guidelines which are published in the … dale dietrich