Our policy on dealing with vulnerable customers starts with one very simple, well known and ancient rule, the "golden rule". This rule has been written many different ways in many different contexts so we have written our own version.
"Please always treat your customers as you would wish to be treated yourself in their situation."
The FCA have suggested that approximately 50% of UK adults have some identifiable vulnerability in terms of their ability to engage with financial services. We ask that you treat our mutual customers kindly, fairly and with understanding at all times.
This document will go into depth on what constitutes a vulnerable person. You don’t need to know every word and paragraph but we ask that you familiarise yourselves and always act in accordance with it’s principles.
We define a vulnerable consumer as someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.
health – disabilities or illnesses that affect the ability to carry out day-to-day tasks
life events – major life events such as bereavement, job loss or relationship breakdown
resilience – low ability to withstand financial or emotional shocks
capability – low knowledge of financial matters or low confidence in managing money (financial capability) and low capability in other relevant areas such as literacy, or digital skills
If you have any questions please contact us.