The current increased emphasis in Australia on the importance of financial services businesses addressing the needs of vulnerable customers is accompanied by an enhanced understanding of what constitutes ‘vulnerability’. These two developments are of equal importance.

A vulnerable consumer is someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.

UK Financial ConductAuthority Occasional Paper No 8 February 2015 p3

Explicitly or implicitly, the Australian industry codes have adopted the UK FCA’s understanding of vulnerability. The General Insurance Code of Practice recognises these (and possibly other) factors that may give rise to customer vulnerability:

a. age;

b. disability;

c. mental health conditions;

d. physical health conditions;

e. family violence;

f. language barriers;

g. literacy barriers;

h. cultural background;

i. Aboriginal or Torres Strait Islander status;

j. remote location; or

k. financial distress.

How can businesses respond to these increased expectations?

Tune into this webinar to gain a deeper understanding of financial vulnerability and to learn helpful tips for customer-facing employees and their managers in ensuring vulnerable customers completely understand the financial products being considered.

Join us to hear from two leading compliance training professionals from GRC Solutions – Peter Hughes, Senior Compliance Adviser and Bill Tarrant, Training Specialist- about the range of options that organisations have in responding to cases of possible financial abuse and the limitations on the actions available.

Dealing with possible financial abuse requires a careful balance between protecting customers and respecting their rights so don’t miss out on this important event.

Presenters

Peter Hughes – Senior Compliance Adviser, GRC Solutions

Bill Tarrant – Training Specialist, GRC Solutions

GRC Solutions Resources

We offer Vulnerable customers online compliance training – more information here

We have a recent opinion piece here

Date and Time, Registration

The webinar will run from 10:30am-11:30am AEST on 17 September 2020

Register here