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.

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.

Topics may include but are not limited to:

• Introduction to Vulnerable Customers
• Understanding Vulnerability and Behavioural Biases in Financial Services
• Understanding Harm and Foreseeable Harm
• Identification of Vulnerability
• Handling Vulnerable Information and Support Strategies
• Vulnerability Disclosures and Data Protection