What is a ‘Vulnerable Client’?

Definition
The FCA defines a vulnerable client 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’.
——————————————————————————————————————————————————————–
Within this definition there are a wide variety of examples of what a vulnerable client could look like which will explore in this training.

Essentially, among the clients we see may be ‘vulnerable clients’ where there are additional considerations. Vulnerable clients could potentially suffer an unfair outcome if they are not identified even if an employee has the best intentions. They are also more susceptible to receive an unfair outcome and therefore it is vitally important we are able to identify those and cater to them as appropriate.The FCA Principles for Businesses require firms to treat their customers fairly, and the FCA expect firms to exercise particular care with vulnerable consumers.