FCA new guidance for vulnerable customers & how to prepare your staff

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For the 3rd time today we’ve taken a call from an overseas number saying that our Visa card has a suspicious transaction taking place and to press 1 immediately to take action.  Now we all know this is a scam, but what about those vulnerable people who get sucked in?

The Financial Lives Survey has found that “50% of UK adults have one or more characteristics of being potentially vulnerable”.  These include:-

  • Health – illness or reduced ability to carry out day to day tasks
  • Life Events – bereavement, relationship breakdown, housing
  • Resilience – a reduced ability to withstand financial or emotional shocks
  • Capability – reduced knowledge of financial matters.

The FCA are undertaking a draft proposal and consultation (4th October 2019 for responses) to understand and implement further improvements that can be made to support these groups.

We are delighted to be working with one of our FCA clients on staff development around vulnerable customers and how to recognise and respond to their needs.  The training starts in September and includes working with an actor to bring some realistic scenarios into the learning environment for greater practice and confidence in handling these cases.

More information and the details for the consultation feedback can be found in the FCA July 2019 document – https://www.fca.org.uk/publication/guidance-consultation/gc19-03.pdf

There are many who should be interested in the consultation feedback, but specifically they are looking for responses from:-

  • Any FCA regulated organisation
  • Industry groups and trade bodies
  • Consumers
  • Organisations promoting the interests of vulnerable people
  • Consumer advisors.

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