Ensure staff are adequately trained to recognise and understand
potentially vulnerable customers at renewal and be able to offer flexible options to help address needs (where necessary).
Consider if additional communication, for example a telephone call, is needed to
help vulnerable customers through the renewal process.
Ask potentially
vulnerable customers at renewal if their current policy and renewal terms meet their needs, and make clear the importance of reviewing their cover.
Overdraft programs are «really just a way for banks to bilk their most
vulnerable customers with costly fees,» says Pamela Banks, policy counsel for Consumers Union, the policy and advocacy arm of Consumer Reports.
The inquiry was welcomed by Jeff Morris, a financial planner who in 2013 exposed a culture of corruption and coverup in the Commonwealth Bank of Australia, the nation's largest bank, that
targeted vulnerable customers.
«This landmark agreement demonstrates a clear commitment to
vulnerable customers through the joint wishes of the members of BIBA and the ABI.
Periodically review legacy policies to, where possible,
identify vulnerable customers to ensure they are aware of any more suitable alternative products now available.
Will Morris, Group Managing Director of Retail at SSE commented: «At SSE we take our responsibilities to our most
vulnerable customers seriously and are dedicated to doing all we can to protect their well - being.
All the same arguments as explained in detail in the UTCCR section above apply here including; customers can't opt out; it's an unfair cross subsidy; the effect of charges
on vulnerable customers; the fact charges are designed to snare, the lack of competition; the incomprehensible nature of charges; and the difficulties they create for money management.
The Bank created the opportunity for Wilson to abuse his power by providing him with unsupervised access to customers» private information, without installing a monitoring system to
protect vulnerable customer information.
The position of Collections Advisor at the bank is pivotal to showing the core family values of the company, helping to support some of their most
vulnerable customers into... more
The Association of British Insurers and the British Insurance Brokers» Association today launch a joint Code of Good Practice to help insurers and insurance brokers recognise and help
potentially vulnerable customers, who may need extra support when renewing motor and home insurance policies.
Paul Evans, ABI Chairman, said: «This Code seeks to address the concern that
vulnerable customers might be disadvantaged at renewal by simply renewing their policy from one year to the next without checking they are getting the cover they really need at a fair price.
«
Vulnerable customers are the losers when the MTA does not hold the contractor accountable for repeated errors,» said DiNapoli.
This is despite British Banking Association guidelines been introduced over the years as to how banks should deal / interact with
vulnerable customers or their financially appointed representative.
While Mr. Rodrian said he was not worried about going out of business, he said his most
vulnerable customers were the quarter or so of policyholders who carry only auto insurance.