Vulnerability

[INSIGHTS] Financial Health report 2023

In the latest report from TDX and Equifax, some interesting stats around mental health and financial difficulties. Also a little shocked at the volume of unclaimed benefits. Key Summary Points One in three customers experience outgoings that exceed their monthly income.Mental health and money problems are closely linked, with almost half of consumers in problem debt having mental health conditions.Increased disclosure of vulnerability to debt collection agents indicates the need for tailored support.Mortgage lenders are preparing to assist customers facing… Read more

[WEBINAR] – EY Consumer Duty webinar with FCA and financial services leaders

Summary of E&Y webinar this morning, including a speech from Sheldon Mills from the FCA and a panel on representatives from Financial services. An interesting focus on MI, evidencing, culture and training really came through in the discussion. Find more at our training here Consumer Duty – UK Management Training Summary Discussion Points The discussion focused on the FCA’s implementation of the Consumer Duty and its implications for the financial industry.Sheldon Mills, FCA’s Executive Director, emphasized the importance of firms… Read more

[INSIGHTS] : Finalised FCA Guidance on the Fair treatment of vulnerable customers

This is the latest guidance from the FCA (Feb 21) around the treatment and guidelines for treatment of vulnerable customers. This document contains the detailed guidance and examples for use by firms in the UK. Finalised Guidance on the Fair treatment of vulnerable customers Summary The document is a part of the Financial Conduct Authority’s guidance for firms on the fair treatment of vulnerable customers. It emphasizes the importance of delivering appropriate customer service that responds flexibly to the needs… Read more

[INSIGHTS] : Operational guides for treatment of customer with potential vulnerabilities

Although a little older, these guides from the University of Bristol have been highly influential and useful in the implementation of vulnerability processes for customers. Each contact real, practical examples and a cheat sheet for each of the tools for use in the operation. Vulnerability: a guide for lending telephony, face-to-face, and online Vulnerability: a guide for debt collection Vulnerability tools – summary sheet Vulnerability – guide for telephony, face-to-face and online – Summary This document provides insights and recommendations… Read more

[DASHBOARD]: Signposting & Customer Support Options

On looking for a comprehensive list of free debt advice and customer support charities, there did not seem to be one readily available. We have created an initial list here, from those that we know. Something missing? Let us know, together with those you commonly use in the poll. Scroll to the bottom of the page. Free Debt Advice Name Contact Link Services Telephone Money Helper Free Debt Advice 0800 138 0555 StepChange Free Debt Advice 0800 138 1111 Payplan… Read more