Vulnerable Customers
1. Introduction
At Burghley Financial Services Limited (“we”, “us”, “our), whilst we are a Non-Regulated financial services Intermediary, we are still committed to ensuring that all Clients, especially those who may be vulnerable, are treated with fairness, respect, and care. This policy outlines our approach to identifying and supporting vulnerable customers to ensure they are not disadvantaged in their dealings with us.
2. Objectives
The objectives of this policy are to:
Identify vulnerable customers and understand their specific needs.
Ensure that our services are accessible and inclusive.
Provide additional support to vulnerable customers where required.
Equip all staff at Burghley Financial Services with the tools necessary to recognise and assist vulnerable customers.
3. Definition of Vulnerable Customers
A vulnerable customer is an individual who, due to personal circumstances, may be at greater risk of harm or difficulty when interacting with financial services. Factors contributing to vulnerability may include, but are not limited to:
Health: Physical disabilities, mental health issues, or cognitive impairments.
Life Events: Bereavement, relationship breakdowns, job loss, or other significant changes.
Financial Resilience: Low income, over-indebtedness, or limited access to financial resources.
Capability: Low literacy or numeracy skills, lack of financial knowledge, or limited digital skills.
4. Policy Principles
Our approach to supporting vulnerable customers is guided by the following principles:
Proactive Identification: Employees should actively identify potential signs of vulnerability and engage with customers in a sensitive and non-intrusive manner.
Tailored Support: Provide flexible and tailored services to meet the unique needs of vulnerable customers.
Clear Communication: Use plain language, avoid jargon, and confirm understanding to ensure customers make informed decisions.
Collaboration: Encourage customers to involve trusted individuals, such as family members or advisers, where appropriate.
Privacy and Respect: Protect the dignity and confidentiality of all customers, including those identified as vulnerable.
5. Identifying Vulnerable Customers
All representatives of Burghley Financial Services should be aware of potential indicators of vulnerability, such as:
Difficulty understanding or remembering information.
Signs of distress or duress, confusion, or anxiety during conversations.
Disclosures of personal challenges, such as health issues or financial difficulties.
Requests for additional support or repeated clarifications.
When identifying vulnerability, employees should:
Approach the matter with empathy and without judgment.
Ask open-ended questions to better understand the customer’s circumstances.
Avoid making assumptions or generalisations.
6. Supporting Vulnerable Customers
We are committed to providing appropriate support to vulnerable customers by:
Allowing extra time for decision-making and providing clear explanations of options.
Offering alternative communication methods (e.g., written summaries, large print materials, or phone calls).
Referring customers to external organisations or specialists for additional assistance, if needed.
Ensuring employees are empowered to escalate complex cases to management for further review.
7. Employee Training
All employees who interact with customers will receive regular training on:
Recognising signs of vulnerability.
Communicating effectively and compassionately with vulnerable customers.
Applying this policy in day-to-day operations.
8. Monitoring and Continuous Improvement
To ensure the effectiveness of this policy, we will:
Monitor interactions with customers to identify areas for improvement.
Collect feedback from customers and employees to enhance our processes.
Review this policy annually or following significant changes in legislation or business practices.
9. Governance and Accountability
The Director of the company is responsible for implementing this policy, overseeing adherence to the policy, ensure best practices are followed, and ensuring adequate resources are available to support vulnerable customers. Any employee, representative or other persons acting on behalf of of Burghley Financial Services will be expected to adhere to this policy and attend training sessions to improve their understanding and application of the policy.
10. External Resources
Where appropriate, we may be able to guide vulnerable customers to relevant external organisations for additional support, such as (but not limited to):
Citizens Advice Bureau
Debt advice charities
Mental health support organisations
11. Policy Review
This policy will be reviewed annually, or more frequently if required, to ensure it remains fit for purpose and reflects changes in the business, Client needs, or relevant guidelines.
12. Contact Information
For any questions or concerns regarding this policy, please contact: Thomas Dolby - Director (director@burghleyfs.com / +44 (0) 7765 374379