Vulnerable Customers Policy

Vulnerable Customers

We are committed to better supporting and taking into account the needs of customers who make us aware that they are vulnerable (as per the Financial Conduct Authority’s definition)

Definition of Vulnerable Customers  

The FCA (Financial Conduct Authority) define a vulnerable customer as someone who “Due to their personal circumstances is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care”.

If we do not take action and consider the needs of the customers in vulnerable circumstances, this could lead to poor customer experiences and outcomes, complaints and reputational damage.

TEXAS:

Thank the customer for telling you about their circumstances.  Advise the customer it will help us better support them through their application.

Explain the information will be stored on the dealership system to further support the needs of the customer.  It will be retained for the product life plus ten years before being deleted.

Gain eXplicit consent to record their support need(s). This is crucial and a legal requirement  

Ask   questions to clarify the information.  Be sensitive and ask questions that are relevant and tailored to the customer’s circumstances

Signpost   the customer – what will happen next and where they can find further help and support from external organisations such as :

Citizens Advice

www.citizensadvice.org.uk   Tel: 0300 332 100

Samaritans

www.samaritans.org   Tel:  0330 094 5717

Age UK

www.ageuk.org.uk  Tel:  0800 678 1174