Protecting consumers in vulnerable situations is a priority for firms and Regulators, including the Financial Conduct Authority and ICO, as well as being central to wider legal frameworks.

In our fifth Cohort of the award-winning UK Finance Vulnerability Academy, in partnership with the Money Advice Trust, will once again be bringing this to life across five interactive, practical, problem-solving online workshops, each split into two separate half-day sessions (to allow for participant reflection and development).

Created by the 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, supported by facilitated examination and analysis of approaches already being taken in practice.

The Academy also draws on a blend of exclusive video, audio, podcast, and course-work review for participants, with the aim of helping participants embed vulnerability throughout the culture, policies, and relevant customer journeys of their organisation.

The latest Guidance for firms on the fair treatment of vulnerable customers makes it clear that vulnerability remains at the very top of the FCA’s agenda. The FCA’s analysis estimates that the number of customers displaying vulnerability characteristics has increased by 1.5 million since March 2019. 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. 

Download the Vulnerability Academy Brochure (PDF)

Watch Chris Fitch, Academy lead discuss the value of the Academy:

Chris Fitch - Vulnerability Lead, Money Advice Trust on the Vulnerability Academy.

Background

Many firms recognise the need to improve their knowledge, policies and practical responses to the challenges their colleagues face in identifying and supporting customers in vulnerable circumstances. However, in a political and regulatory environment where ‘vulnerability’ remains a fluid concept, and where firm conduct, resources and commercial pressures are under scrutiny, firms need to plan and prioritise.

An effective response

Policy and organisational ambitions on vulnerability cannot be met unless three conditions are fulfilled:

1. Colleagues have the necessary skills, knowledge and confidence to deliver these ambitions through training.
2. Training initiatives must tackle the actual challenges and tasks that colleagues encounter daily – ‘awareness raising’ about vulnerability will not, in itself, deliver practical change.
3. Each firm’s wider environment must facilitate colleagues taking effective actions on vulnerability by developing quality assurance, monitoring and compliance functions, data architecture and ashboards, and other functions on vulnerability.

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.

Booking:

We are aware that for many firms the option to book/pay to attend our activities at the moment is severely restricted. In response to member requests we have added an option for you to register your interest. Please press the Book Now button below and follow the instructions to register your interest and we'll be back in touch in a few weeks to discuss your interest. If you have any questions, please email the team: training@ukfinance.org.uk or call the team on +44 20 3934 1197.

How can the Academy help?

At its core the Academy is a learning environment where senior managers will have the opportunity to meet, question, and work with leading thinkers across sectors. They will follow a programme that includes five one-day workshops, supplemented by webinars (using voice, graphics and interactive features to engage learners and reinforce the key workshop messages), podcasts (a deep-dive understanding of the issues via interviews with experts, guests and practitioners), plus elearning, reading lists and downloadable resources.

Vulnerability resources:

• Download the Vulnerability Academy Brochure (PDF)
• Listen to our latest vulnerability Academy podcast with the Money Advice Trust: The FCA’s proposed new vulnerability guidance.
• Read our latest vulnerability blog: Fair treatment of vulnerable customers

Take this training in-house

If you have five or more delegates who wish to attend this workshop, it may be more cost effective to run it in-company. To find out more about in-company training, please contact the team on 0203 934 1197 or training@ukfinance.org.uk.