Customer vulnerability workshop

Customer vulnerability in depth

This workshop provides an in-depth look at customer vulnerability, for regulated firms which need to comply with the FCA’s Consumer Duty regulations. It explores topics in depth and provides organisations with a solid level of knowledge on which to build a better vulnerable customer strategy, more quickly and with fewer sidesteps. This is a highly practical and interactive workshop, using examples based around the firms’ specific needs and customer base.

Aim: To provide a deep and broad understanding of the concepts of customer vulnerability, how this sits within the FCA’s Consumer Duty regulations and how organisations can best respond to the needs of their vulnerable customers.

Audience: Senior managers, operation managers, stakeholders and business leaders who are responsible for customer vulnerability management and/or Consumer Duty.

Duration: 1 day

Location: Firms’ offices, face-to-face

Fee: £1,500 + VAT

Topics covered include:

  • An introduction to the FCA’s requirements on customer vulnerability within the Consumer Duty regulations.

    Common misconceptions about customer vulnerability.

  • The need to go beyond financial vulnerability and why financial resilience doesn’t prevent someone from being vulnerable.

  • Methods of identifying vulnerable customers, including data sources.

  • How to establish a virtuous circle which encompasses assessment, identification, classification, monitoring, support and reporting.

  • How to record vulnerability information, including the level of detail and the need for consistency.

  • Strategies and tools for engaging with customers to help identify those who are vulnerable.

  • Getting customer buy-in.

  • Overcoming bias, prejudice and subjectivity when identifying customers’ vulnerabilities.

  • The need to consider wealth, health, life events and financial/numeric understanding – and how vulnerabilities change.

  • The role played by coping mechanisms and mitigating strategies.

  • Understanding the impact of multiple vulnerabilities.

  • Vulnerabilities which are easier to identify and those which are difficult.

  • How vulnerability is contextual: when a person is vulnerable and why.

  • The need to communicate customer vulnerability consistently.

  • The difference between understanding the characteristics of vulnerability and the resulting need.

  • How to act on customer vulnerability: signposting, treatments and more.

  • The need to track customers’ responses to signposting and interventions.

  • The role of data privacy and GDPR and whether the rules of Consumer Duty and GDPR conflict.

  • The value of management information and the need to understand outcomes, including by cohort.

  • Turning regulations into business benefits.

  • The vulnerable customer information needed within Consumer Duty board reports.

  • The board’s role in providing challenge and their attestation responsibilities.

Outcomes:

  • A strong understanding of the FCA’s customer vulnerability requirements and how these should be implemented.

    To build consistent knowledge and awareness within all of the team responsible for managing vulnerable customers – enabling driving a stronger vision.

  • A clear and detailed understanding of how to assess, identify, classify, monitor, support and report on vulnerable customers.

  • The ability to generate a meaningful and practical vulnerable customer implementation plan.

  • The ability to implement a vulnerable customer strategy more quickly and with fewer missteps. .