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Vulnerable Customers

Good Practice Guide

Publication date:

06 September 2018

Last updated:

29 July 2019

Author(s):

James Moorhouse

We examine how to be more inclusive of clients and improving their access to services.

After a recent consultation by the FCA and a study by the CII’s New Generation Group, there is an evident need for the insurance industry 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 brokers should approach clients who may need extra assistance as well as how to improve access to their services.

This Good Practice Guide examines the following:

• Recognising vulnerability
• Handling vulnerability
• Creating a culture of fair treatment

Read the article (PDF)

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), the CII group, local institute or Society, 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 CII group, local institutes, or Societies.