LSB publishes Customer Vulnerability report

The LSB has published a report reviewing customer vulnerability in the banking and lending sector.

Overall, the LSB concluded that it was clear that firms are committed to meeting the requirements set out in the Standards of Lending Practice and CRMCode  for APP scams. It noted that in the current macro-economic environment, firms need to ensure that the governance, strategies and processes they employ are able to work efficiently for known vulnerable customers, as well as those yet to be identified as needing more support.

The report highlights good practice and gives specific comments for improvement on the following key areas:

  • Governance, controls and oversight
    • Management information
    • Quality assurance
    • Training
    • Record-keeping
  • Identification
    • Digital channels
    • Embedding training
  • Support
    • Solutions
    • Ongoing reviews
    • Communications
    • Debt outsourcing and sale

Laura Wiles