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Vulnerable Customers

Good Practice Guide

Publication date:

17 October 2019

Last updated:

16 October 2019

Author(s):

James Moorhouse

Why insurers also need to take into account the needs of vulnerable customers.

With ongoing consultations from the FCA and a study by the CII’s New Generation Group, there is an evident need for the insurance sector to be more inclusive of ‘vulnerable customers’.

 

The Financial Conduct Authority (FCA) describes a vulnerable customer as, “someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care”.

 

As vulnerability can be a varied and complex term, we examine the many different ways claism handlers should handle clients who may need extra assistance as well as how to improve access to their services.

 

This Good Practice Guide examines the following:

  • how to recognide vulnerability 
  • how to handle vulnerability
  • how to create a culture of fair treatment

 

Read the Good Practice Guide HERE

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), Society of Claims Professionals or Chartered Insurance Institute, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the Society or Chartered Insurance Institute.

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