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Improving Outcomes for Customers in Vulnerable Circumstances

In 2015 the financial services industry, together with charities and consumer groups, launched a task force to look at improving experiences and outcomes for customers in vulnerable circumstances. One of the challenges for the task force was to recommend appropriate approaches and actions which could cover a vast range of circumstances from illness and bereavement through to those facing later life challenges such as dementia.

The task force has now issued a series of recommendations which broadly fall under nine headings. These cover the entire sector from the way in which firms should respond to approaches and provide information, through to the approach taken by regulators to help financial service firms to achieve better customer outcomes. For example, firms should treat customer approaches sensitively and flexibly and make it easy for family and friends to support family members to manage their finances. In addition, reviews should be customer focused and the support provided should be practical and jargon free.

Commenting on the release of the report the British Bankers Association Chief Executive Anthony Browne said “Ensuring that customers in vulnerable circumstances are treated not only fairly but with empathy and sensitivity to their circumstances is a growing priority for the financial services industry.”

The report is available to download via the BBA website: https://www.bba.org.uk/news/press-releases/financial-services-establishes-new-gold-standard-for-customers-in-vulnerable-circumstances

If you’re looking to create an investment portfolio, or if your situation has changed and you may therefore need to review your existing portfolio, contact Beckworth by using one of the links on our website.