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.

In our eight cohort of the award-winning Vulnerability Academy, we will be bringing this to life across twelve sessions including an induction, interactive, practical and problem-solving online workshops (each split into two separate half-days to allow for participant reflection and development) and a graduation.
Created by Money Advice Trust’s Chris Fitch, Colin Trend and Ian Phillips, the academy 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 academy also draws on a blend of exclusive video, audio, podcast and coursework review for participants with the aim of helping participants embed vulnerability throughout the culture, policies and relevant customer journeys of their organisations.

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.


THE FCA CONSUMER DUTY

Currently, the FCA is consulting on proposals for a new Consumer Duty including a new Consumer Principle requiring firms to “act to deliver good outcomes for retail clients”. A second consultation paper was published on 7 December 2021 to be followed by a short, final consultation that ended in February 2022. Final rules and guidance are expected by the end of July 2022, with a nine-month implementation period to follow.

Clearly, given that the FCA’s objective is for vulnerable consumers to achieve “outcomes that are as good as everyone else”, there is a significant relationship between the new Consumer Duty and the recent vulnerable consumer final guidance (FG 21/1). Our constantly evolving syllabus will continue to explicitly examine this relationship as the FCA’s expectations crystallise.

Please contact us by email training@ukfinance.org.uk for further information.

TAKE THIS TRAINING IN-HOUSE:

If you have five or more delegates who wish to attend these course, it may be more cost effective to run it in-company. To find out more about in-company training, please contact the team on training@ukfinance.org.uk

Top Speaker

Zoe Medlock

Zoe Medlock

Customer Vulnerability Expert, Money Advice Trust

Zoe Medlock is an expert in consumer vulnerability strategy and implementation. With over ten years’ experience in the sector, Zoe now works with the ...

Zoe Medlock is an expert in consumer vulnerability strategy and implementation. With over ten years’ experience in the sector, Zoe now works with the Money Advice Trust team to help firms improve their approach to customer vulnerability. This includes assessing firms against the FCA's evolving expectations and developing and delivering colleague training. Prior to joining the Money Advice Trust Team Zoe was most recently responsible for implementing Barclays’ vulnerability strategy.

Zoe specialises in mental health and, as well as working with the Money Advice Trust, she also supports the Money and Mental Health Policy Institute to assess firms against their Mental Health Accessible Standard. In 2020 Zoe developed the Trust’s Mental Health training.

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Colin Trend

Colin Trend

Lead Trainer, Money Advice Trust

Colin is the lead tutor with the Money Advice Trust on their vulnerability programme, assisting both in the UK and overseas. With Chris Fitch, he co-a...

Colin is the lead tutor with the Money Advice Trust on their vulnerability programme, assisting both in the UK and overseas. With Chris Fitch, he co-authored the Trust’s vulnerability guidance for advice agencies, launched by the charity with the backing of a range of organisations across the advice sector in June 2016.

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Dr Elizabeth Blakelock

Dr Elizabeth Blakelock

Vulnerability Consultant, Money Advice Trust

Elizabeth is a Vulnerability Academy graduate and the principle policy manager at Citizens Advice where her main focus is delivering rigorous insight ...

Elizabeth is a Vulnerability Academy graduate and the principle policy manager at Citizens Advice where her main focus is delivering rigorous insight on retail market outcomes for consumers through monitoring industry performance. This work ensures that Citizens Advice can deliver leading research and advocacy on domestic and micro-business consumer experience to ensure appropriate regulation and policy in energy markets. Elizabeth worked on affordability challenges in the UK energy markets in industry, a regulator and as an academic researcher.

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Chris Fitch

Chris Fitch

Vulnerability Lead Consultant, Money Advice Trust

He is Vulnerability Lead at the Money Advice Trust and a Research Fellow at the Personal Finance Research Centre, University of Bristol.  Previously h...

He is Vulnerability Lead at the Money Advice Trust and a Research Fellow at the Personal Finance Research Centre, University of Bristol.  Previously he was Head of Policy and Research Fellow at the Royal College of Psychiatrists.

The programme that Chris leads aims to result in outputs which are ‘short on the obvious, and long on the practical’ – and with colleagues, he has written practical guidance for firms and staff on both effectively working with customers who are in vulnerable situations, and also looking after their own wellbeing and working environment following such contact.

In 2017, Chris was named in Credit Strategy’s Top 50 influencers in the creditor sector, and in 2015 he received the Martin Williams award for contribution to the UK credit industry (awarded each year by Credit Today) for the programme’s work on mental health, vulnerability, and financial services.

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The recommended participants should be colleagues responsible for development of their organisations strategy for supporting vulnerable customers, these include:

Who should attend:
• Business leaders (senior managers and desk heads)
• Risk and control decision makers
• Human resource and learning and development professionals
• Managers responsible or working in contact centres
• Specialist vulnerability colleagues

Audience:
• Mortgage lenders
• Card issuers
• Banks
• Credit unions
• Payment providers
• Any lending firm that is FCA regulated

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