Protecting Vulnerable Customers – Advanced Strategies Course (Australia)

Community expectations are increasing for financial institutions to identify and assist customers experiencing vulnerability.

This is reflected in industry codes, such as the Australian Banking Code of Practice and the Customer Owned Banking Code of Practice. Decisions by the courts, AFCA and regulators reinforce the expectations to properly protect vulnerable customers.

While GRC Solutions’ entry-level Protecting Vulnerable Customers course provides important building blocks for frontline employees to identify the different types of vulnerability that may be experienced by customers and respond appropriately, this advanced course builds on these foundations to help experienced employees explore other dimensions of customer vulnerability.

Based around the ACCC’s 2021 Consumer Vulnerability guide which outlines how a range of sectors should comply with the Australian Consumer Law, this course explains how the ACCC’s insights apply to the banking sector.

This course incorporates case studies sourced from the FCA, one of the UK banking regulators. This provides access to world-leading methodologies for dealing with customers experiencing vulnerability. FCA case studies concerning mental health issues provide a new dimension in addressing customer vulnerability.

The course also provides an overview of ASIC’s Indigenous Financial Services Framework. This assists financial institutions to identify and appropriately respond to Indigenous customers experiencing hardship. Furthermore, it addresses the training requirements specified in industry codes of practice concerning the support of vulnerable Indigenous customers experiencing vulnerability.