6 Modules
Protecting Vulnerable Customers Training helps organisations identify, support, and protect vulnerable customers who, due to their personal circumstances, may be more susceptible to harm, disadvantage, or poor outcomes.
This foundational course focuses on customers experiencing vulnerability arising from financial hardship, mental health conditions, illness, reduced decision‑making capacity, domestic and family violence, relationship breakdowns, income loss, and dependency on other parties. It supports staff to recognise vulnerability early and provide extra care, appropriate assistance, and fair treatment.
In Australia, this training supports compliance with expectations set by the Australian Securities and Investments Commission (ASIC) and aligns with consumer protection frameworks referenced by the Australian Competition and Consumer Commission (ACCC). It also supports obligations under industry codes, including the Customer-Owned Banking Code of Practice, the Australian Banking Code of Practice and the General Insurance Code of Practice.
This training helps businesses to:
The course is delivered through GRC Solutions’ online compliance training platform.
A vulnerable customer is someone who, due to their personal circumstances, is especially susceptible to loss, harm, or disadvantage and may require additional support or extra care when dealing with financial services or insurance.
Vulnerability typically arises from four key areas:
Mental health conditions, cognitive impairment, illness, disability, or addiction that affect understanding, communication, or decision‑making.
Bereavement, relationship breakdown, job loss, or domestic and family violence that affect financial stability and wellbeing.
Low financial literacy, digital exclusion, language barriers, or limited numeracy skills that reduce a customer’s ability to access or understand services.
Low income, debt stress, limited savings, or reduced ability to manage financial shocks.
Vulnerability is dynamic, not permanent. It may be temporary, permanent, or situational, and can affect anyone at any time.
Regulatory and community expectations have increased significantly, particularly following the COVID‑19 pandemic.
Research shows that 53% of Australian adults displayed at least one characteristic of vulnerability, representing an increase of more than three million people since February 2020. Many customers were affected by income loss, illness, mental health challenges, debt stress, and reduced access to services.
ASIC expects firms to ensure appropriate safeguards are in place to help vulnerable customers navigate their options, communicate effectively, and achieve fair customer outcomes, particularly during periods of financial hardship or crisis. Similar principles are reflected internationally by the UK Financial Conduct Authority (FCA), which emphasises that vulnerable consumers should experience outcomes as good as other consumers.
Failing to identify and support vulnerable customers can expose organisations to significant risk.
Organisations that prioritise empathy, flexibility, and fair treatment are better positioned to support customers and reduce harm.
This foundational Protecting Vulnerable Customers Training provides an introduction to financial vulnerability and practical guidance on how staff can respond appropriately.
The course supports organisations to:
This course establishes the baseline capability required before progressing to Protecting Vulnerable Customers (Advanced Strategies), which is offered as a separate course.
This training can be tailored to reflect:
Tailoring helps ensure training reflects real customer circumstances and business practice.
GRC Solutions delivers compliance training designed for regulated industries.
Key benefits include:
Support your teams with the tools and training required to identify and protect vulnerable customers.
This training is designed for:
Training and guidance on the fair treatment of vulnerable customers is essential for compliance‑driven frameworks. It ensures staff understand vulnerability, apply appropriate levels of care, and support customers consistently, reducing the risk of harm and regulatory issues.
ASIC considers vulnerable customers to include individuals who may be disadvantaged or marginalised due to personal circumstances, such as people on low income, single parents, elderly pensioners, or customers with physical or mental disabilities.
Yes. Vulnerability can be temporary, permanent, or situational and may arise from serious illness, job or income loss, addiction, mental or physical illness, domestic and family violence, or elder financial abuse. Customers may move in and out of vulnerability as their circumstances change.
Businesses should systematically identify vulnerability rather than relying solely on self‑disclosure. This includes training staff to recognise signs of vulnerability and empowering frontline teams to offer flexible solutions that prioritise customer wellbeing.
Flexibility in customer service involves prioritising customer wellbeing over rigid policies. Vulnerable customers may need additional time, alternative communication channels, or tailored assistance to achieve fair outcomes.
Securely documenting customer needs allows businesses to reference support preferences in future interactions, reducing the need for customers to repeatedly explain their circumstances and supporting consistent, respectful service delivery.
Yes. Vulnerable individuals are more frequently targeted by fraudsters and may be more easily pressured into poor financial decisions. This makes strong safeguards, secure data handling, and extra care essential.
ASIC’s Design and Distribution Obligations require firms to design financial products that meet consumer needs and ensure they reach the right consumers. This includes considering the needs of vulnerable customers when defining target markets and reviewing customer outcomes.
Strict privacy standards are essential to protect vulnerable customers from scams, fraud, or exploitation. Vulnerability information must be handled carefully, stored securely, and accessed only by authorised staff.
This course provides foundational capability for all customer‑facing staff. Protecting Vulnerable Customers (Advanced Strategies) is a separate course designed for experienced staff and leaders implementing more structured vulnerability frameworks.
This course is exclusively for organisational clients and is not available for individual purchase.
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