Brokers Intermediaries Guide to Vulnerable Customers

This guide outlines the HSB approach to identifying and supporting vulnerable customers. It begins by defining vulnerability in the context of financial services, referencing the FCA’s definition which highlights the susceptibility of certain customers to harm due to personal circumstances. The document emphasizes the importance of understanding the needs of vulnerable consumers and ensuring that staff are equipped with the skills to recognize and respond to these needs effectively. It details the objectives for achieving good outcomes for vulnerable customers, including the necessity for monitoring and evaluation processes, product design considerations, and flexible customer service provisions. The guide also identifies characteristics and signs of vulnerability that staff should be aware of, such as changes in payment behavior and specific phrases that may indicate a customer is struggling. Overall, the document serves as a comprehensive resource for brokers and intermediaries to enhance their support for vulnerable customers.