LIBF TOPIC 15

What is a vulnerable customer?

A vulnerable consumer [is] someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care

four key drivers of vulnerability

health, life events, resilience( low income) , capability (lack of knowledge)

What is CONC 1?

Application and purpose and guidance on financial difficulties.

What is CONC 2?

Conduct of business standards: general - all providers are expected to treat their customers fairly and not mislead them.

What is CONC 7?

Arrears, default and recovery (including repossessions) - This section states that providers must have effective and appropriate policies and procedures for dealing with customers whose accounts fall into arrears and must treat customers fairly and reasonably.

What is TEXAS

• Thank

• explain

• explicit consent

• ask

• signpost

What is IDEA

• impact

• duration

• experience

• assistance

What is CARERS

• check

• avoid

• Reassure

• explain

• record

• summerize