Supporting vulnerable customers is a regulatory requirement for many organisations which have a direct financial relationship with individuals. There are serious penalties for failing to protect vulnerable customers, including fines in the tens of millions. For customers, mental health problems make it harder to manage finances, and living in financial stress can harm your mental health.
As the cost of living crisis continues to bite down hard in the UK, more and more people will require the help and support of the essential services organisations that support us daily, across finance, utilities and telecoms.
Within financial services specifically, upcoming changes to the consumer duty act will mean more than half of adults will be classed as vulnerable, bringing with it a raft of updated regulations that must be implemented.
Research is helping us understand the links between financial health and mental health, and what the implications are for our us when we are struggling.
This webinar will look at:
- What are the responsibilities of an organisation in relation to their customers when it comes to supporting positive actions for customers with financial challenges?
- When an organisation is considering their approach to supporting a customer with money worries, what actually works?
- What are the benefits to an organisation in getting this right, what happens if they get it wrong / or do nothing?
- What does research tell us on this subject?
