Podcast
Questions and Answers
Which company provided access to research and resources for building the Vulnerable Persons Guide?
Which company provided access to research and resources for building the Vulnerable Persons Guide?
Why is it important to address how vulnerable clients are treated?
Why is it important to address how vulnerable clients are treated?
Where can more information and resources on vulnerability be found?
Where can more information and resources on vulnerability be found?
Which of the following factors could help identify potential vulnerability?
Which of the following factors could help identify potential vulnerability?
Signup and view all the answers
What is the definition of a vulnerable person?
What is the definition of a vulnerable person?
Signup and view all the answers
What are some consequences that can result from a person suffering vulnerability?
What are some consequences that can result from a person suffering vulnerability?
Signup and view all the answers
What are some risks faced by vulnerable customers?
What are some risks faced by vulnerable customers?
Signup and view all the answers
Which of the following is a potential risk of customers purchasing inappropriate products?
Which of the following is a potential risk of customers purchasing inappropriate products?
Signup and view all the answers
What should firms consider when assessing the impact of vulnerabilities on their target market and customer base?
What should firms consider when assessing the impact of vulnerabilities on their target market and customer base?
Signup and view all the answers
What is the purpose of a Vulnerable Persons Policy?
What is the purpose of a Vulnerable Persons Policy?
Signup and view all the answers
What should firms do when recording a client's vulnerability?
What should firms do when recording a client's vulnerability?
Signup and view all the answers
According to the FCA, what are the responsibilities of all firms in relation to vulnerable persons?
According to the FCA, what are the responsibilities of all firms in relation to vulnerable persons?
Signup and view all the answers
Which principle of the FCA requires a firm to conduct its business with due skill, care, and diligence?
Which principle of the FCA requires a firm to conduct its business with due skill, care, and diligence?
Signup and view all the answers
What is the purpose of the new Consumer Duty introduced by the FCA?
What is the purpose of the new Consumer Duty introduced by the FCA?
Signup and view all the answers
How does the FCA define vulnerability?
How does the FCA define vulnerability?
Signup and view all the answers
Which of the following is a recognized acronym for theories related to health and mental health?
Which of the following is a recognized acronym for theories related to health and mental health?
Signup and view all the answers
What triggers should you look out for when considering the mental capacity limitation of a client?
What triggers should you look out for when considering the mental capacity limitation of a client?
Signup and view all the answers
Which acronym should you use when asking questions about a customer's situation or health condition?
Which acronym should you use when asking questions about a customer's situation or health condition?
Signup and view all the answers
What should you do to gain consent to record sensitive information shared by your client?
What should you do to gain consent to record sensitive information shared by your client?
Signup and view all the answers
Study Notes
Vulnerable Persons Guide
- The Money Advice Service provided access to research and resources for building the Vulnerable Persons Guide.
Importance of Addressing Vulnerability
- It is essential to address how vulnerable clients are treated to ensure they are not taken advantage of or harmed.
Resources on Vulnerability
- More information and resources on vulnerability can be found on the Money Advice Service and FCA websites.
Factors Identifying Vulnerability
- Factors that could help identify potential vulnerability include health, debt, and life events.
Definition of Vulnerable Person
- A vulnerable person is someone who, due to their personal circumstances, is especially susceptible to harm, particularly when accessing financial services.
Consequences of Vulnerability
- Consequences of a person suffering vulnerability can include financial loss, emotional distress, and decreased well-being.
Risks Faced by Vulnerable Customers
- Risks faced by vulnerable customers include purchasing inappropriate products, experiencing financial hardship, and being exploited.
Risks of Inappropriate Products
- A potential risk of customers purchasing inappropriate products is further financial hardship.
Assessing Vulnerability Impact
- Firms should consider the impact of vulnerabilities on their target market and customer base, including the potential for harm and the need for adjusted support.
Vulnerable Persons Policy
- The purpose of a Vulnerable Persons Policy is to ensure that firms are equipped to identify and support vulnerable customers.
Recording Vulnerability
- When recording a client's vulnerability, firms should be sensitive, specific, and minimize the risk of assumptions or misunderstandings.
FCA Responsibilities
- According to the FCA, all firms are responsible for ensuring that they do not cause harm to vulnerable customers and that they provide appropriate support.
FCA Principle
- The FCA principle that requires firms to conduct their business with due skill, care, and diligence is Principle 2.
Consumer Duty
- The purpose of the new Consumer Duty introduced by the FCA is to ensure that firms focus on delivering good outcomes for customers.
FCA Definition of Vulnerability
- The FCA defines vulnerability as a situation where someone is susceptible to harm, particularly when accessing financial services.
Health and Mental Health Theories
- The recognized acronym for theories related to health and mental health is BIIPS ( Behaviour, Income, Individual, Prevention, and Social).
Mental Capacity Limitations
- Triggers to look out for when considering the mental capacity limitation of a client include signs of confusion, memory loss, or erratic behavior.
Asking Questions
- The acronym ADAPTT (Ask, Detect, Assess, Prevent, Tell, and Treat) should be used when asking questions about a customer's situation or health condition.
Gaining Consent
- To gain consent to record sensitive information shared by a client, firms should be transparent, explain the purpose, and obtain explicit consent.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Test your knowledge on factors that contribute to vulnerability. This quiz explores characteristics such as age, poor health, mental health issues, learning difficulties, physical disabilities, being a carer, low literacy, language barriers, and low income. Challenge yourself and learn more about vulnerability.
