Blog: Customer vulnerability and coronavirus
Insurance Cares: The present pandemic has underlined the importance of a robust vulnerability strategy. RWA's Kirk Ford outlines how insurance brokers might prepare for an increase in incidences of vulnerability - or an exacerbation of existing cases.
The coronavirus pandemic has had a dramatic and profound impact on all of our lives over the last few months. One of the many consequences of the crisis has been an increase in consumer vulnerability.
The Financial Conduct Authority defines a vulnerable customer as “someone whose circumstances make them especially vulnerable to harm if a firm has not acted with appropriate levels of care”.
There are many circumstances that can cause a consumer to become vulnerable, which include:
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