How to Respond to Vulnerability

Vulnerability is not just to do with the situation of the consumer. It can be caused or exacerbated by the actions or processes of firms.

In order to ensure the fair treatment of vulnerable consumers is embedded in our culture, we must continually achieve the following key areas:

• Recognising vulnerability and understanding customers’ needs
  Being able to spot the warning signs of vulnerability is the first step in treating a vulnerable client fairly. Some of these ‘red flags’ may be more obvious than others as well as some clients being more forthcoming with the information than others. It is important every member of staff can spot the warning signs and understand the needs of the potential client after identifying vulnerability.
  
• The value of sympathy
  Whilst we are a business and operate as such that certainly doesn’t mean the switching off of emotions when dealing with vulnerable clients. Emotional intelligence, listening skills and empathy are all crucial for an individual to learn, develop and have to effectively assist vulnerable clients.
  
• The importance of empowered and knowledgeable staff
  This means you being empowered to assist vulnerable clients through training, process and working culture.
   
• Meeting vulnerable consumers’ communication needs
  If a communication need is identified then you should be considering how best to accommodate this, whether that means taking additional steps to clarify and check understanding or offering longer appointments, whatever the situation calls for to appropriately assist our vulnerable clients.