CG launch training in response to FCA’s guidance on treating vulnerable customers fairly.

Stacey Turner, Managing Partner at CG Professional.

The FCA has released some draft guidance on how vulnerable customers should be treated during a financial transaction.

It is an area which has been a focus for some time, however many businesses have been looking for greater clarity on the FCA’s desired approach.

One of the most startling statistics revealed in the new guidance is that 50% of UK adults display one or more characteristics of being potentially vulnerable. This helps put into context what a huge consideration this is for all customer-facing employees.

The guidance has highlighted the importance of all regulated businesses gaining a fuller understanding of who could be classed as a vulnerable customer, how vulnerability can be identified, and recording and responding to the needs of vulnerable customers.

Here at CG, we have developed a training session covering the relevant legislation and regulatory framework requirements, including the need to take reasonable steps to implement suitable business practices to not only identify vulnerable customers but to treat customers appropriately where it is known they are vulnerable.

The workshop is aimed at all customer-facing staff and includes practical advice and guidance on recognising the signs and signals of vulnerable customers and how to deal with situations where vulnerability is suspected. We also cover the additional obligations that dealing with vulnerable customers presents, including requirements under the Equality Act 2010 and the new requirements for processing personal data under the GDPR.

The workshop assists compliance in this area, whilst providing confidence in dealing with vulnerable customers to ensure they receive the necessary support, but also are able to engage with the business is benefiting from products and services.

Please get in touch for more information.