Trusted By:
0 Part Course  | 
Book places now

Vulnerable Customers

Expectations and how to respond

Vulnerable Customers Training Course

A half-day course

Video Overview

Click to watch a course overview
and meet your trainer.

Watch on YouTube

The session is designed for those working in UK regulated firms and subject to the FCA rules. First line staff will gain value where they are dealing with clients directly or managing teams that do, overseeing the firm’s response to vulnerability, involved in the design of training frameworks to address vulnerability responses or those who simply wish to understand more. Second- and third-line staff who are advising risk owners or evaluating systems and controls in place to meet vulnerability requirements, will also find this webinar valuable in ensuring appropriate coverage of their work.

  • We are well aware of how FCA expectations have changed alongside the best practice and mandatory updates.
  • We have served clients of all shapes and sizes in the financial sector and are fully aware of the obligations of a regulated firm and what is expected from them by the regulator.
  • We have been delivering training for over 20 years. We are certain we know the topic as well as anyone in the marketplace
  • Your course director is experienced as both a regulator and in training regulatory requirements across wholesale and retail financial firms. He will pass on past experiences to enhance the workshop and help bring it to life
  • We do not use academics. All our trainers are highly experienced professionals with relevant vocational experience in the real world
  • Our case studies enhance the learning points and are often found to be essential in truly understanding the requirements and growing the skills to apply them
  • We are always judged by our results which speak for themselves and the feedback received from previous delegates has always been excellent

  • To be able to take forward practical measures to help your firm deal with vulnerable customers confidently and effectively.
  • To understand the FCA’s expectations on how firms are expected to serve vulnerable customers and organise themselves to do this consistently.
  • To recognise good practice / avoid poor practices
  • To recognise the linkages between the design and marketing of our products/services and our vulnerable customer experience – in other words, joined-up thinking
  • Understanding how we skill our staff to recognise vulnerability
  • To highlight some of the discussion models available and other sources of industry best practice
  • To be able to review your vulnerable customer procedures to determine if they are fit for purpose and deliver the right outcomes
  • Be able to identify the regulatory developments around vulnerability to better contextualise actions required today.
  • Understand the role of the Vulnerability Task Force and how they help us.

Session 1: Introduction – the regulatory position

  • The FCA definition of a Vulnerable Customer
  • GC19/3 and GC 20/3: Guidance for firms on the fair treatment of Vulnerable Customers
  • FG21/1 Final Guidance
  • The impact of coronavirus

Session 2: Identifying Vulnerable Customers

  • Understanding the scale and prevalence of vulnerability
  • How can we increase the number of customers informing us of their vulnerability?
  • Three broad categories
  • Permanent vs. temporary vulnerability
  • Characteristics of a vulnerable customer – how can we identify them
  • EXERCISE: review 18 potential causes of vulnerability and consider which ones would be largely recognised by front-line staff in your firm
  • CASE STUDY: scenarios for participants to work through and discuss (elderly, illness, divorce)

Session 3: Understanding the needs of Vulnerable Customers

  • Financial Difficulty and Vulnerable Customers
  • Cause and effect? Symptoms or root cause?
  • Distribution channels that help or hinder – an understanding of the issues against typical historic approaches used by firms
  • Putting ourselves in the customer’s shoes without assuming
  • How do we gather and record vulnerability information – are systems fit for purpose?

Session 4: Staff Skills & Knowledge

  • FCA expectations of staff
  • Key strategies for front line staff
  • How do you best support your staff around vulnerability – is eLearning sufficient?
  • Models for dealing with vulnerability: BRUCE, TEXAS, IDEA
  • How to recognise potential vulnerability
  • EXERCISE: Understanding what stops us from having these discussions with clients (and how we overcome that)

Session 5: Practical Actions to help Vulnerable Customers

  • Mitigating age-related vulnerabilities before they manifest
  • Understanding what Good practice looks like in your firm, for your clients
  • Forbearance; especially in a credit world
  • Understanding the Vulnerability Task Force (VTF) initiative
  • Key sources of external support
  • EXERCISE: Consider vulnerability and possible actions for joint clients who are divorcing

Session 6: Governance & Reasonable Steps

  • Understanding the links with Treating Customers Fairly initiatives
  • Policies, procedures and processes
  • Systems support – designed to support or made to fit?
  • Organising the support functions and resources effectively
  • Being clear on what can be done and empowering staff
  • An enterprise-wide approach – clarity, practicality, transparency
  • Effective processes for recording and addressing vulnerability – a one-stop-shop
  • Integrating your commitment to vulnerability and your financial promotions processes and product oversight & governance

Course Wrap-up:

  • Summary
  • Questions
  • Open forum

With over 20 years training experience in financial services, the trainer is well placed to support you across a range of compliance-related topics.  He is a former Head of Education for HSBC covering the UK and Europe, responsible for regulatory and financial crime related compliance learning.  His time at HSBC was during intense scrutiny from regulators and government functions during the bank’s Deferred Prosecution Agreement.

Other roles include leading the Monitoring and Testing programme for a UK Wealth Manager, and Senior Vice President responsible for Global Risk & Compliance training at a US-based bank.  He also worked in the Insurance Firms division at the Financial Conduct Authority (in the FSA days) where he was the divisional expert for the rules and outcomes required under the Training & Competence handbook.

The HSBC role, along with five years at Barclays in their Private Clients and Wealth functions, has seen him work with retail, commercial, wholesale and private banking channels.  Since leaving HSBC, he has worked with the compliance, HR and operational teams of firms to enhance their regulatory understanding, as well as delivering content across private equity firms, investment houses, banks and wealth managers.  He regularly delivers core programmes for TISA and the Investment Association.

The trainer is a former member of the Investment Management Association Training & Education Committee and won the Thomson Reuters award for “Most Effective Compliance Training at a Regulated Firm” in 2010.

Vulnerability is one of those topics where we all hope to be less impacted on a personal level, but also that we would receive appropriate care and support if we were.  Increasingly, a commitment to helping these customers is being widely accepted as the only right and proper thing to do, with the regulators naturally supporting this shift. The sense for some time now is that firms need to be doing more.

Firms need to ensure their staff are appropriately skilled in identifying and responding to vulnerability.  They also need to ensure they are organising their business effectively with a focus on treating all their customers fairly but none more so than those experiencing vulnerability.  Firms and especially senior managers should be looking at what they are doing to understand these potentially negative outcomes for clients and the steps they are taking (or should be taking) to mitigate those.

The webinar helps participants to understand what vulnerability is, how it needs to be addressed and the steps they need to take to build these approaches into practical activities that work with their culture.  It is designed to be enjoyable as well as instructional with delegate participation actively encouraged. Practical examples are used to illustrate the learning points rather than leaving them as theoretical.

Who should Attend?

The session is designed for those working in UK regulated firms and subject to the FCA rules.  First-line staff will gain value where they are dealing with clients directly or managing teams that do, overseeing the firm’s response to vulnerability, involved in the design of training frameworks to address vulnerability responses or those who simply wish to understand more.  Second- and third-line staff who are advising risk owners or evaluating systems and controls in place to meet vulnerability requirements, will also find this webinar valuable in ensuring appropriate coverage of their work.

  • Instructor was excellent

Have this course presented In-House

  • On a date, time and in a location of your choice
  • Topics expanded or deleted to your bespoke requirements
CLICK HERE TO REQUEST A FEE QUOTE

Have this course pre-recorded

  • Full course recording edited exclusively for your company
  • Files converted to enable housing on your LMS
CLICK HERE TO REQUEST A FEE QUOTE

We use cookies

In order to show you courses tailored to your profession we use cookies.

To enjoy all the features of this website please accept.