Protecting consumers in vulnerable situations is a priority for firms and regulators including the Financial Conduct Authority (FCA) and Information Commissioner's Office (ICO), as well as being central to wider legal frameworks.

The finalised Guidance for firms on the fair treatment of vulnerable customers makes it clear that vulnerability remains at the very top of the FCA agenda. With cases of financial vulnerability continuing to increase as a result of the economic downturn, our Vulnerability Academy will ensure firms are prepared to meet the challenges posed to customers and colleagues.

The academy aims to support firms in delivering FG21/1, a collection of best practice around translating the FCAs expectations under principle 6 into reality.

Created by Money Advice Trust’s Chris Fitch, Colin Trend and Ian Phillips, the Vulnerability Academy, now in its 10th cohort, is built around case studies and presentations from leading practitioners and firms across (and beyond) financial services and is supported by facilitated examination and the analysis of approaches already being taken in practice. 

The Vulnerability Academy has been awarded City & Guilds Assured status. This quality mark formally recognises the skills colleagues will develop through our training to identify, communicate, and support a customer in vulnerable circumstances and provides assurance for managers and staff that this programme meets industry training standards.

The Vulnerability Academy has also received an award for 'Best Vulnerable Customer Support Initiative' at the CCS AWARDS 2019. 

THE FCA CONSUMER DUTY

With over 150 graduates so far, our comprehensive programme is designed to equip firms with the tools and expertise needed to effectively support vulnerable customers and implement the requirements of the FCA’s new Consumer Duty, which came into force on 31 July 2023.

The refreshed FCA Guidance makes clear that to meet customer needs, firms should translate their understanding of the needs of their vulnerable customers into practical action. This is set out in three main stages of their interactions with consumers:

1. Firms should understand the needs of vulnerable consumers in their target market and customer base.

2. Firms should also ensure that their staff have the skills and capability to address the needs of vulnerable consumers they have identified.

3. Firms should translate their understanding of the needs of their vulnerable consumers into practical action in terms of how they:

• respond to customer needs throughout product design, flexible customer service provision and communications.
• monitor and assess whether they are meeting and responding to the needs of customers with characteristics of vulnerability, and make improvements where this is not happening.

This means that an effective response to vulnerability must also be led by and make parallel improvements to the strategic, policy, governance and information environments that these colleagues will be working in.

The Vulnerability Academy is also available as an in-house programme, which means you can tailor it to exactly what you and your colleagues require. Pricing for in-house will depend on what is required. Enquire about this option by contacting our training team.