2023 - Vunerable Persons Test

Play an AI-generated podcast conversation about this lesson

Which company provided access to research and resources for building the Vulnerable Persons Guide?

Vulnerable Persons Guide

Invaluable Research Ltd

Trusted Partner plc

Just Group plc (correct)

Why is it important to address how vulnerable clients are treated?

To comply with regulations

To strengthen relationships with existing clients (correct)

To access specialist support

To introduce potential clients

Where can more information and resources on vulnerability be found?

In the research and resources

In the invaluable research

In the online Vulnerability Hub (correct)

In the Vulnerable Persons Guide

Which of the following factors could help identify potential vulnerability?

Being a carer Signup and view all the answers

What is the definition of a vulnerable person?

Someone who is at a higher risk of harm than others Signup and view all the answers

What are some consequences that can result from a person suffering vulnerability?

Decreased processing power Signup and view all the answers

What are some risks faced by vulnerable customers?

Increased susceptibility to scams Signup and view all the answers

Which of the following is a potential risk of customers purchasing inappropriate products?

Customers not understanding the suitability of the products and services Signup and view all the answers

What should firms consider when assessing the impact of vulnerabilities on their target market and customer base?

The nature and scale of drivers of vulnerability Signup and view all the answers

What is the purpose of a Vulnerable Persons Policy?

To establish the status and effect of a client's vulnerability Signup and view all the answers

What should firms do when recording a client's vulnerability?

Hold the client's consent to provide/disclose sensitive data Signup and view all the answers

According to the FCA, what are the responsibilities of all firms in relation to vulnerable persons?

To establish an approach to dealing with 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?

FCA Principles Skill, Care and Diligence Signup and view all the answers

What is the purpose of the new Consumer Duty introduced by the FCA?

To have a positive impact for consumers with vulnerable characteristics Signup and view all the answers

How does the FCA define vulnerability?

Someone who, due to their personal circumstances, is especially susceptible to detriment Signup and view all the answers

Which of the following is a recognized acronym for theories related to health and mental health?

BRUCE Signup and view all the answers

What triggers should you look out for when considering the mental capacity limitation of a client?

Not recalling recent conversations or details of the policies they hold Signup and view all the answers

Which acronym should you use when asking questions about a customer's situation or health condition?

IDEA Signup and view all the answers

What should you do to gain consent to record sensitive information shared by your client?

Gain explicit consent Signup and view all the answers