What is a vulnerable customer?
The Financial Conduct Authority (FCA) defines a vulnerable customer as "someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care".
The FCA expects companies, such as ourselves, to treat customers fairly when we are dealing with people with vulnerable circumstances.
Identifying a vulnerable customer
While we recognise that certain groups of customers may be vulnerable, we understand that not everyone within these groups would be considered vulnerable. We will consider a customer’s personal circumstances where there is a potential vulnerability identified. These groups may include;
- Customers with a reduction in physical or mental capacity
- Customers with health issues or illness, whether physical or mental, severe or long-term
- Customers with communication difficulties (including learning difficulties and English not being their first language)
- A sudden diagnosis of serious illness either to the customer or a close family member
- Personal circumstances of the customer such as financial difficulties, caring responsibilities, bereavement or redundancy
- Customer’s age – A younger person may be inexperienced, an older person may be less able technologically.
How we deal with vulnerable customers
- Make a record of this and adhere to policy
- Speak slowly and concisely, explaining fully the terms of sale
- Show patience and empathy, give the customer plenty of time and opportunity to ask questions or request further clarification on anything that they don't understand
- If the customer seems unsure or uncomfortable, we will give them additional time to consider their purchase before completiton
- Continuously seek confirmation that the customer has understood all information provided
- Provide up to date training for all staff so that they feel confident in voicing concern if they feel they may be dealing with a vulnerable customer and are versed in the correct procedure when dealing with vulnerabilities.
Should you require any further information, please contact us by phone 02890 242144 or email manager@murray-co.com