4 Modules
Vulnerable customers training helps organisations identify, support and protect customers experiencing vulnerability, including financial hardship, mental health conditions, or reduced decision-making capacity. In Australia, this training supports compliance with regulatory expectations from ASIC and consumer protection frameworks such as the ACCC Consumer Vulnerability Guide. It also supports compliance with industry codes such as the Banking Code of Practice, the Customer-Owned Banking Code of Practice, the General Insurance Code of Practice and others.
This training helps organisations:
A vulnerable customer is someone who, due to their personal circumstances, is more susceptible to harm, particularly where firms are not acting with appropriate levels of care.
Customer vulnerability typically stems from four key areas:
Vulnerability exists on a spectrum and may be temporary or ongoing depending on a person’s circumstances. Most people experience vulnerability at some stage in their lives.
Common indicators include:
Vulnerable customers may face challenges such as navigating complex information, debt accumulation, and service exclusion. These factors impact a person’s ability to engage effectively with financial products and services.
Community and regulatory expectations have significantly increased, particularly following COVID-19.
A Financial Lives survey found that:
Financial institutions are expected to proactively identify and support customers experiencing vulnerability, particularly in line with:
Regulators and industry bodies increasingly emphasise that firms must treat vulnerable customers fairly and take appropriate action to support them. This includes ensuring products are designed appropriately, customers are provided clear and accessible information, and internal systems effectively capture and respond to vulnerability indicators.
ASIC has also identified that weaknesses in data systems and complaint handling processes can contribute to failures in identifying vulnerable customers, increasing the risk of non-compliance and adverse customer outcomes.
Failing to identify and support vulnerable customers exposes organisations to significant risk.
Organisations that proactively support vulnerable customers achieve better outcomes and strengthen long-term relationships.
Protecting Vulnerable Customers: Advanced Strategies is designed for experienced staff who already have foundational knowledge and are looking to implement more advanced, practical strategies for managing customer vulnerability.
Supporting customers effectively requires organisations to:
The course is informed by the ACCC Consumer Vulnerability Guide and incorporates case studies from the UK Financial Conduct Authority (FCA), providing access to leading international approaches for supporting vulnerable customers.
This course helps organisations move from awareness to structured, consistent practices aligned with regulatory expectations.
This course provides practical, scenario-based learning across:
The course also explores how organisations can improve product design, sales and marketing practices, accessibility, dispute resolution, and hardship processes to better support vulnerable customers.
Organisations can strengthen their approach through:
Training is delivered via Salt LMS to support enterprise-wide rollout and reporting.
GRC Solutions delivers compliance training tailored to regulated industries.
Key benefits:
Support your teams with the tools and training required to identify and protect vulnerable customers.
This training is designed for:
Vulnerable customers are individuals who, due to their personal circumstances, are more susceptible to harm, particularly when organisations are not delivering appropriate levels of care. Vulnerability may be temporary or ongoing and can affect a person’s ability to make informed decisions.
Customer vulnerability typically arises from four key factors:
Training is expected as part of meeting regulatory obligations and ensuring fair treatment.
Frontline staff, managers, and compliance professionals.
Yes, it can be tailored to organisational policies, frameworks, and systems.
The COVID-19 pandemic significantly increased the number of customers experiencing vulnerability. A Financial Lives survey found that 53% of adults displayed at least one characteristic of vulnerability, representing an increase of over 3 million people.
The pandemic also led to increased financial stress across households and small businesses. For example, home loan deferrals reached around $192 billion before declining to approximately $133 billion, highlighting ongoing financial pressure and recovery challenges.
Training is critical because organisations must proactively identify, support and protect customers experiencing vulnerability.
Without proper training, organisations may face:
Frontline staff need specialised training to recognise signs of vulnerability, respond with empathy, and provide appropriate support options.
Regulators expect organisations to treat vulnerable customers fairly and consider their needs across the entire product lifecycle, including design, marketing, and service delivery.
This includes:
Under ASIC’s Design and Distribution Obligations (DDOs), organisations must ensure financial products are aligned to customer needs and distributed appropriately.
Organisations should adopt a structured approach to supporting customers experiencing vulnerability.
This includes:
Internal systems play a critical role in identifying and managing vulnerable customers.
Organisations should:
ASIC has identified that poor data systems can lead to failures in responding to customer needs and may result in compliance breaches.
Improving outcomes requires consistent monitoring and continuous improvement.
Key actions include:
A proactive, data-driven approach helps organisations reduce harm and deliver better outcomes for vulnerable consumers over time.
This training is primarily designed for financial services organisations, including banks, customer-owned ADIs, and other regulated entities responsible for delivering fair customer outcomes.
Customer vulnerability can be triggered by a range of factors, including health issues, major life events, low financial capability, or sudden financial shocks such as job loss or natural disasters. These factors can affect a person’s ability to manage finances, understand information, or make informed decisions.
Vulnerable customers often face challenges such as navigating complex financial information, managing debt, accessing essential services, or communicating their needs effectively. These challenges can increase the risk of harm and lead to poorer customer outcomes if not properly addressed.
To ensure vulnerable customers are treated fairly, organisations should:
This course is exclusively for organisational clients and is not available for individual purchase.
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