The Financial Conduct Authority (FCA) published guidance in July 2019 to ensure consistency of outcomes for vulnerable consumers, regardless of the sector in which a firm operates. The Financial Lives Survey showed that 50% of UK adults display one or more characteristics of vulnerability.

Altus has created the Vulnerable Customer Self-Assessment tool to help firms gauge their own vulnerable client capabilities.

Jonathan Warren, Consultant at Altus, commented: “The financial services industry is working towards delivering better outcomes for vulnerable customers but are confronted with the scale of the challenge based on identifying and supporting the wide range of customer contexts that can drive vulnerability.

There are a number of technological and non-technological solutions the industry can adopt, from leveraging data and analytics to breaking competitive silos and collaborating best practice across the industry.

The infographic we have created looks to highlight the key issues and have developed the tool to help firms audit and look to improve their vulnerable customer capability.”

Altus will soft-launch its vulnerable customer assessment tool at the end of this month, through TISA and its vulnerable customer working group. It will officially launch it to the sector at the end of the year.