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Vulnerable Customers

The purpose of this course on vulnerable consumers is to create awareness around the concept of vulnerability in the Financial industry in the UK. In this context, vulnerability impacts the availability and access to Financial products and the ability to represent one’s best interest. Through case studies and the review of news stories, participants will learn to identify possible indicators of vulnerability, as well as best practices and regulatory guidelines to deal with vulnerable consumers.

Geography Covered: UK | Duration: 45 minutes

Summary

Vulnerable consumer is a term used to describe people who, due to their own personal circumstances, are at risk to be taken advantage of in a Financial situation.. Consumer vulnerability can arise not only from conditions such as mental health, disability, age, literacy or language, but also from specific circumstances such as grief, unemployment or illness.

In the UK, an estimated 12 million people are at pension age where one out of six adults experience a certain degree of mental health issues at some point in their life and 10 to 11 million people are affected by disabilities. The FCA is focused on ensuring better outcomes for all consumers, including those classified as vulnerable.

Most Frms do not discriminate against or deliberately exploit individuals who might experience consumer vulnerability. However, they may lack the appropriate awareness to be able to identify and react appropriately to vulnerable consumers.

Furthermore, studies show that the Financial industry is more likely to encounter consumer vulnerability compared to other industries. It is key for Financial institutions to proactively implement best practices in terms of identification and management of vulnerable consumers to (1) avoid potential fines, loss of business and reputational damage, and (2) actively promote an ethical work environment

The topics covered in the course include —  

  • Introduction to vulnerable consumers  

  • How to identify and serve vulnerable consumers  

  • Overview of the key regulations  

  • Best practices for firms and individual

  • Like with all our courses, the Vulnerable Customers training courses are written by experts and powered by world-leading regulatory intelligence, which tracks more than 900 regulators and exchanges globally to ensure the course content is always up to date.

    All our training courses are driven by practical examples and interactive scenarios to ensure users truly understand and recognize the issues of most importance to your business and learn to instinctively act to support them.

    We employ instructional design techniques optimized for risk and compliance training, enabling your business to educate in a way that reduces risk and helps you build a culture of integrity and compliance.

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