ABI has published a guide to help firms operating in the long term savings market better understand, identify and support customers who may be vulnerable, to ensure all customers are supported through the whole customer journey.
The guide sets out principles, good practice and case studies. ABI recommends that firms:
- implement a vulnerability policy or strategy, if not already present, by January 2018. If one is already in place, firms should review and ensure their internal policies are fit for purpose based on the principles of this guide;
- commit to providing regular training to all relevant staff and continue to raise awareness of vulnerability with colleagues across the business; and
- continue to share examples of good practice through the ABI, to ensure the industry and its customers benefit from high levels of support, and therefore the guide will be kept continually under review.