The 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.”
Our policy is based on the FCA’s guidance on the fair treatment of vulnerable customers: Guidance for firms on the fair treatment of vulnerable customers (fg21-1), see “resources” on final page.
As Mark Leckie is set up as a business to support our client to make a claim, our consideration is that all our clients might be susceptible to vulnerability. Our communications with customers should always be undertaken with a view to look out for any signs of vulnerability.
There are many reasons why a customer might be vulnerable, or potentially vulnerable.
These include:
As can be seen from the range of characteristics identified, there is the potential for a notable proportion of Mark Leckie's customers to be vulnerable in some way.
Most of these vulnerabilities fall under one or more of what the FCA considers to be the four ‘key drivers’ of vulnerability:
There are several ways we might be alerted to a customer’s vulnerability, including spoken conversations and written correspondence. As we communicate with our customers via a number of mechanisms, we need to be considerate of indicators that might be presented via these different mechanisms.
The following could all be indicators of vulnerability which customers might display in interactions with advisers:
Our customers may explicitly disclose a vulnerability when you are engaging with them, especially when discussing their personal circumstances. However as above, you may pick up on indicators when speaking to the customer such as being upset, angry or distressed.
It may be noticed that customers are lacking understanding of questions being asked or struggle with using technology or following simple instructions. This could be picked up through any communication channels, is important we identify these vulnerabilities, even if not directly divulged.
Mark Leckie identifies individuals as vulnerable through its interactions with consumers and considers vulnerable customers at all stages of the client journey. Mark Leckie's staff are trained to identify vulnerable clients whether they are on the phone, emailing or communicating on our intercom facility. Staff will look for any inconsistencies in communication, or demonstrations of not being able to grasp information that is being communicated.
Once these potential flags are identified, staff will support consumers using the TEXAS drill method and it is used when customers disclose some form of vulnerability:
Whether or not the customer explicitly discloses their vulnerability, we must consider whether we can take any of the following steps to assist them:
This list is not exhaustive, if you are unsure how to best help the customer please seek advice or ask the customer how we can support them.
Mark Leckie has assessed the potential negative impacts our service may have on a vulnerable customer and how we can mitigate these.
Our service including all communication, call scripts and how we use the systems have been configured to reduce any negative impact on all customers, including those that are vulnerable. We avoid use of any jargon in our advertisements, website as well as written and verbal communication.
We believe the nature of their service will be a positive one, as the aim is to improve customers' financial flexibility and education. This could be particularly positive for vulnerable customers whose vulnerability can be impacted by financial stress and lack of understanding.
If the customer provides any details that would be classed a vulnerable trait explicit consent must be provided to be able to note the customer file.
‘Are you happy for me to note the information you have provided on our file to help us understand your situation and support your case going forward’.
If the customer says no, the information cannot be noted. Customers can also withdraw their consent at any time, and details of their vulnerability can be deleted if requested.
This should be clearly noted and include the following details:
Reports will be produced specifically reviewing vulnerable customers to analyse:
Calls will also be reviewed and will be failed if vulnerability is not handled appropriately. Continued failing of handling vulnerable customers appropriately can lead to disciplinary action.
This policy is to be reviewed annually to ensure ongoing compliance with regulation and to understand the importance of identifying vulnerable customers and how to appropriately manage them. All staff receive vulnerable customer training as part of their induction to the business; staff are tested to ensure adequate understanding and are re-trained each 12 months as a minimum requirement.
Training includes:
Refresher training will also be provided annually as a minimum. Please refer to this policy or ask a manager if you are unsure on how to respond to the needs of a vulnerable Customer.
This policy is accessible to staff at any time as well as the training material provided. If you have any doubts or questions regarding how to support or deal with a vulnerable customer, your manager will be able to support. If you have a particularly difficult call, there is a call status which can be used called ‘Distress Break’ which allows you to take a breather before the next call. Please alert your manager before you do so they can check in and ensure you don’t need any extra support.
There are various resources available to help you provide the best outcome for vulnerable customers:
https://www.fca.org.uk/publication/finalised-guidance/fg21-1.pdf
https://www.mind.org.uk/information-support/suicidal-thoughts-and-suicide-prevention/helping-someone-else/
https://www.samaritans.org/how-we-can-help/workplace/workplace-staff-training/one-day-courses/course-managing-suicidal-conversations/
