The Training Environment For Financial Services

Vulnerable Customer Training

Course Outline and Objectives

The importance of recognising and supporting vulnerable customers is more crucial than ever in light of the new Consumer Duty driving a need for a more profound understanding and a more proactive approach to addressing customer vulnerability.

The "Vulnerable Customer Training Programme" has been designed to elevate your skills in identifying, understanding and supporting vulnerable customers during customer interactions. Understanding and considering behavioural biases such as anchoring, confirmation and overconfidence in financial decision-making, this programme seeks to redefine the way financial services professionals engage with and support vulnerable customer groups.

We will explore the practical application of specialised communication strategies and support tools, including the TEXAS, IDEA and CARERS drills. These methods have been designed to cultivate empathy and confidence in customer interactions, ensure compliance with relevant data protection laws and empower you to provide more individualised and effective support. Inclusive product design underscores the necessity for proactive, customer-focused service strateegies from product and service design and development stage and beyond.

The training addresses the changes under the FCA's Consumer Duty, emphasising the fair treatment of vulnerable customers and ensuring consistent outcomes for all. It highlights the importance of taking proactive remedial actions and offering redrress to prevent customer harm, thereby enhancing customer trust and loyalty.

Additionally, the course provides an in-depth overview of the legal and regulatory frameworks relevant to vulnerable customers, including the latest updates from consumer protection laws and Financial Ombudsman Service guidelines on data protection.

Through interactive scenarios and group discussions, you'll apply your learnings to real-world situations, honing your skills to take decisive, empathetic actions in various contexts.

By the end of this programme, you'll have gained a confidence in understanding customer vulnerability, enhanced skills in managing sensitive situations and a robust framework to postively impact your organisation's approach to customer care. This training is an essential step towards aligning your practice with the highest standards of ethical and responsible financial service, ensuring every customer, particularly the vulnerable, is treated with the upmost fairness.

Attending this focused half-day course will help you:
  1. Remember: Recall and state the definition of a vulnerable customer as per the Financial Conduct Authority (FCA) and identify the key indicators of vulnerability.
  2. Understand: Describe the importance of vulnerability awareness and understanding of behavioural bias and explain the impact of vulnerability on customer relationships, decisions and trust.
  3. Apply: Demonstrate the ability to apply strategies and tools such as TEXAS, IDEA and CARERS drills in hypothetical scenarios to support vulnerable customers effectively.
  4. Analyse: Analyse case studies and real-life scenarios to identify signs of customer vulnerability and determine the appropriate response based on the customer's specific needs and circumstances.
  5. Evaluate: Evaluate the effectiveness of current financial services practices in identifying and supporting vulnerable customers and propose enhancements for better alignment with regulatory and ethical standards.
  6. Create: Develop a comprehensive plan or set of recommendations for improving the recognition and support of vulnerable customers, incorporating best practices and regulatory guidelines
Who will benefit?

The course is ideal for professionals in financial services, especially those in roles related to Consumer Duty, in particular the Consumer Duty Champion, customer service, relationship manager, financial advisor, risk management, compliance and advisory services. It is also beneficial for anyone looking to enhance their understanding of customer vulnerability and its impact on financial services.

 

Course Presenter

Zoe Keen

Zoe is a highly experienced finance professional with over 20 years of expertise in Investment Banking Compliance. She has held various key roles, including Head of Public Side Advisory, Head of Central Compliance, Certifications, Control Room and Surveillance.

With a deep understanding of UK and international regulations pertaining to investment banks, Zoe excels in senior management engagement, designing and implementing governance and risk frameworks, and overseeing comprehensive Compliance policies, procedures and training programs.

As a Senior Consultant at Leaman Crellin, Zoe focuses on regulatory consulting and training, specialising in Environmental, Social and Governance (ESG) and Sustainable FInance. She completed the University of Cambridge Sustainable Leadership Sustainable Finance course with an exceptional overall grade of 92%, showcasing her dedication and knowledge in the field. Zoe has cultivated a vast network of experts including academics, scientists, policymakers, regulators, investors, financiers and sustainable leaders, ensuring she stays up to date in this dynamic landscape.

Overall, Zoe brings a wealth of experience, a strong professional network and a diverse skill set to her role, making her a valuable asset in the field of Investment Banking Compliance and Sustainable Finance.

Course Programme
Session Content
   
Introduction to Vulnerable Customers
  • Overview of what constitutes a vulnerable customer in financial services
  • Importance of identifying vulnerability in customers to ensure fair treatment
  • Key concepts and drivers behind recognising and supporting vulnerable customers
Understanding Vulnerability and Behavioural Biases in Financial Services
  • Deep dive into the categories of vulnerability: Health, Life Events, Resilience, Capability
  • Exploration of how behavioural biases (Anchoring, Confirmation, Overconfidence) affect customer decision-making
  • Strategies for recognising signs of financial distress or vulnerability in customer interactions
Understanding Harm and Foreseeable Harm
  • What is foreseeable harm and what does harm look like?
  • Proactive steps to prevent customer harm
  • How to identify new/emerging risks of harm
Identification of Vulnerability
  • Vulnerability red flags and subtle indicators
  • Techniques to uncover vulnerability and applying the traffic light system to categorise customers
Handling Vulnerable Information and Support Strategies
  • Techniques and tools for effective communication with vulnerable customers, including TEXAS, IDEA and CARERS drills
  • Developing empathy and adapting/customising customer service to better support vulnerable customers
  • Inclusive product design
Vulnerability Disclosures and Data Protection
  • Barriers to disclosure
  • Overview of consumer protection laws and financial regulations relating to vulnerable customers
  • Financial Ombudsman Service guidance on handling data in line with data protection laws
Scenario-Based Learning and Application
  • Interactive case scenarios to apply learning in real-world contexts
  • Group discussions and feedback sessions on handling various vulnerable customer situations
  • Action planning and defining clear steps for future customer interactions
Closing Session: Q&A and Wrap-Up
  • Open forum for questions and clarifications
  • Summarising key takeaways and action points
  • Feedback collection and closing remarks

This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.

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