In 2015, the FCA published a report on consumer vulnerability. It was the first of its kind, and criticised a “computer says no” approach to vulnerable customers.

The regulator called for organisations to introduce a “high-level policy on consumer vulnerability” as a result.

It’s a very sensitive subject. An overzealous application of the rules or unclear explanation of products has seen several global companies make headlines. Poor treatment could lead to lawsuits, penalties and a shrinking customer base. Yet most firms lack a strategic approach to consumer vulnerability.

Put fair treatment at the heart of your business

Listen to your customers – Make them feel valued by your firm. You’ll reduce the stress they face in their time of need, and improve the customer experience. They’ll only have good things to say about your business as a result.

Create a culture of compassion – The impact of culture on a firm’s performance is at the forefront of the regulator’s mind. A formalised strategy for the treatment of vulnerable clients will help your firm become synonymous with good practice, while encouraging customer loyalty.

Reduce the pressure on staff – Faced with a vulnerable client, your front-line staff will feel the pressure of inflexible rules. A strategic approach to vulnerability will equip them with the skills to identify genuine need, and encourage them to give a tailored response.

Avoid the fallout of bad press – There have been several high-profile examples of unfair treatment, usually as a result of poor communication. Minimise the chance of any PR disasters with a structured policy for vulnerable customers.

The Course Agenda

An introduction to issues

• An overview of the session aims and objectives
• Understanding the value of a new approach
• Identifying the level of personal commitment required

Vulnerable customers: the facts

• What does your vulnerable customer policy promote?
• Who is defined as a vulnerable customer? How is the definition applied in your organisation?
• UK vulnerability: an overview
• Identifying triggers and traits

Engaging vulnerable customers and carers

• What would a successful case look, sound and feel like in your company?
• You’ve identified a vulnerable customer or carer. What next?
• Highlighting useful tools for guiding your customer
• Successful use of such tools: a case study
• Case study reviews: what worked? What could have been done better with further development?

Managing the process to outcome

• How to record concerns for the future
• What steps will you take to ensure you have treated the individual fairly?

Summary and next steps

• The impact on your business and biggest challenges
• Implementing a policy: next steps
• A review of key points
• Personal development planning
• Encouraging personal commitment