Vulnerable Customers
Refreshed November 2022 | CPD time: 1 Hour
Vulnerable customers may be significantly less able to represent their own interests, and more likely to suffer harm than the average consumer. The recent FCA final guidance (FG21/01) on fair treatment for vulnerable customers indicated that 50% of the UK’s adult population is exhibit one or more characteristics of being potentially vulnerable. Over the course of this module, we will consider how vulnerable customers and financial planners interact in a way that demonstrates the best interest for the client. Different organisations use different terminology to describe the same individuals, so those who are vulnerable may be referred to as a ‘vulnerable customer’, ‘vulnerable consumer’ or ‘vulnerable client’. For the purposes of this module, we will use ‘vulnerable customer’ as that is the terminology mainly used by the FCA, except where there is a direct quote from a source that uses something different.
1. Introduction
2. Types of Vulnerability
3. Identifying Vulnerability
4. Vulnerable Customers and the Sales Process
5. Treating Vulnerable Customers Fairly
6. Conclusion
Module Test