Vulnerable Customers
What is the definition of a vulnerable customer?
Someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care
Give 1 example of how you can demonstrate active listening?
Verbal Nods
Repeat back what the customer has said
Ask clarifying questions
What is an income & expenditure?
A form we can use to get an in depth understanding of the customer's financial situation which provides detail of any incomes they receive and any outgoings they budget for
What is Redress?
A form of compensation/ to put a customer back into the position they was before the complaint
What does TRUST stand for?
Talk
Reassure
Understand
Support
Tailored
What are the 4 key drivers of vulnerability?
Health
Life Events
Resilience
Capability
What is a closed question?
A question which can only be answered with a yes or no or a one word answer
What is NDI?
Net Disposable Income
What is the FCA's definition of a complaint?
Any oral or written expression of dissatisfaction, whether justified or not
What is a SAR?
Suspicious Activity Reporting
What do the letters in TEXAS stand for?
Thank
Explain
eXplicit
Ask
Signpost
What is a leading question?
A question that prompts (or leads) the respondent to provide a specific answer
What are the THREE stages of money laundering?
Placement
Layering
Integration
What are the THREE elements to consider with Redress?
Material distress
Financial loss
Material inconvenience
What is FOS
x2 Bonus question
Financial Ombudsman Service
Bonus answer
6 Months from the date of the final response
What do the letters in IDEA stand for?
Impact
Duration
Episodes
Assistance
Describe the funnel technique
Starts with an open question, followed by probing questions before finishing with a closed question
What is Tipping off?
Telling someone that you suspect they are involved in activities linked to Financial Crime and/or that they will be/are subject to an investigation
What is the complaints life cycle?
3 Days FPOC
5 Days Acknowledgement Letter
4 Weeks Holding Letter
8 Weeks Final Response
What is DSAR
Data Subject Access Report
How can we recognise a customer could be vulnerable when speaking to them?
(Four answers needed)
How they sound
Words/phrases they could use
Telling us
Written information the have provided
What is the difference between active and passive listening?
Active listening requires paying attention to the words you are hearing and emotion behind them. Passive listening is just hearing but not necessarily processing information being provided
What is BLAKE?
Breathe
Listen
Ask
Keep Safe
End With A Summary
*Customers In Crisis*
What are the five steps to good complaint handling?
Acknowledge
Probe
Isolate
Answer
Confirm
What is the FSCS
x2 For bonus question
Financial Service Compensation Scheme
Bonus Answer
£85,000 & £170,000 for joint