I am conscious that everyone reading this article does not use the services of SimplyBiz, and for those readers I would recommend the Financial Vulnerability Taskforce as a useful source of information.
The FVT is an independent professional body covering the personal finance, insurance and wider financial services sector. Its purpose is to promote greater understanding, encourage appropriate behaviours and establish good practice in respect of consumer vulnerability.
FVT’s website has a wealth of information, and a resource library where you can find useful material and support related to vulnerability.
We know that the fair treatment of vulnerable customers is a key area of focus for the regulator, and it has produced a lot of guidance for businesses, but we also know that the FCA has not – and will not – make specific rules to address each area of vulnerability.
The FCA guidance does not cover every scenario and does not really provide businesses with potential responses to assist businesses at a client level.
As a result of this I would recommend businesses utilise the wealth of support and resources out there from organisations like the FVT and ensure they undertake staff training in this area.
Mark Greenwood is director of compliance services at SimplyBiz
