To educate and align industry practices relating to the treatment of vulnerable customers
There is a regulatory and moral imperative to ensure that people are treated appropriately when they deal with financial firms, taking into account whatever vulnerability they may have.
Almost everyone will either have been in a position of vulnerability in their lives, or is currently vulnerable, or will become so as they age or need to care for someone. Financial firms have been working to deliver a consistent standard of fair treatment of customers for many years, but only recently have the needs of vulnerable people become central to fair treatment considerations. Some firms are well advanced with their practices, whilst others are struggling to establish consistent processes and strategy, and need support to help them advance more quickly.
Goal/s: a) To manage the RADAR tool (to ensure it is fit for purpose against finalised FCA guidance); and b) To define, develop and share best practice.
Strategy: Facilitate input from charities/trade bodies/regulator/3rd party suppliers and create a framework for dealing with customers in different vulnerable situations and categories.
The working group is largely concerned with acting in an advisory capacity to TISA’s new Consumer Duty working groups and continues to meet on a quarterly basis to provide a forum for discussion and as a mechanism to engage with the third sector, such as charities. Recent speakers include the RNIB and Vulnerability Registration service.
A guide for firms in dealing with bereavement process is underway, working with partners AGE UK and Estate Search.
Vulnerability Conference is planned for Q1 2024.
A J Bell Securities Limited
Aegon UK PLC
Ashurst Risk Advisory LLP
Aviva UK Insurance
Baillie Gifford & Co
Bank of Ireland
Baringa Partners LLP
Delta Financial Systems
HSBC Bank plc
Investec Wealth & Investment Limited
James Sharp & Co
JPMorgan Asset Management
Pinsent Masons LLP
Quilter Cheviot Limited
RBC Brewin Dolphin
Scottish Widows Plc
St James’s Place Wealth Management
Thesis Asset Management
Lisa Laybourn, Head of Technical Policy and Risk leads on this work at TISA
Chair: Dimpel Patel, RBC Brewin Dolphin
Deputy Chair: Helen Bellamy, Quilter