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
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four key drivers of vulnerability
health, life events, resilience( low income) , capability (lack of knowledge)
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What is CONC 1?
Application and purpose and guidance on financial difficulties.
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What is CONC 2?
Conduct of business standards: general - all providers are expected to treat their customers fairly and not mislead them.
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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.