Guidance for identifying vulnerable customers

The FCA recently published finalised guidance for firms around dealing with vulnerable customers and ensuring additional care is given to protect their best interests. 

As this press release highlights, anyone can find themselves in a vulnerable position at any time. For example, the risk of vulnerability may be greater due to the pandemic because of changes in mental health from periods of isolation or financial strain. We in the insurance industry have a responsibility to ensure customers are treated fairly and that anyone considered vulnerable is supported in the right way. 

To help with this, we’ve developed this summary guide to give you practical guidance on identifying who might need additional care and how you can provide it. 

It includes:

• Who are vulnerable customers?
• What might make a customer vulnerable?
• The potential harms of failing to identify a vulnerable customer
• What should you do if you think a customer might be vulnerable?

We also share some possible signs of vulnerability and how you can spot them through written or verbal communication. 

There are also further training modules available on Aviva Development Zone and if you’re not signed up already you can register for a 30-day free trial and begin your learning straight away. 

If you missed our recent broker webinar discussing vulnerable customers and how to help them – you can catch up now.