OPTIMISING YOUR APPROACH TO VULNERABILITY

 

Vulnerability is an area of increasing focus across all regulated industries. Regulators are pushing to ensure that companies address vulnerability as a core consideration, and are now actively discussing the approaches taken as part of their normal supervisory activity.

Of course, the issue of vulnerability is not just being driven by regulation. In recent years, firms have increasingly recognised that effectively managing vulnerability is vital to delivering good customer outcomes and driving commercial success.

Based on insight gained into customers in vulnerable circumstances through our engagement within the industry, many firms are struggling with corporate definitions, policies, considering the most appropriate operating model(s), and understanding how capable front and back office staff are at identifying and dealing with vulnerability. A clear vulnerability strategy is fundamental.

 

OUR TAILORED VULNERABLE CUSTOMERS SUPPORT

We offer support in a range of areas to help ensure your firm is treating vulnerable customers fairly. The following can be undertaken as a complete programme or with a focus on certain elements depending on your firm's requirements.

1. Current state approach and analysis

We assess your firm’s current approach to supporting customers in vulnerable circumstances against ten key vulnerability outcomes. By focusing on the customer outcomes currently being provided in these areas, we can isolate and report on any elements of policy, process, controls, staff knowledge or operations that may obstruct the delivery of good outcomes.

This information is presented via a formal report and through face-to-face discussions with senior stakeholders, providing extensive detail on the current-state, as well as proportionate recommendations for improvement.

2. Operational design

Where a risk has been identified, Huntswood will work with you to action any required transformation work.

This may include the redesign of end-to-end business processes, customer service guides or customer agent training programmes, as well as working with internal compliance and quality assurance teams to develop revised frameworks that ensure fair customer outcomes are delivered in all circumstances.

3. Execution and embedding

Following the design phase, Huntswood will support you in executing any transformation work required. Once change has been implemented, we also work with firms to drive and embed change in the long term. This can include the roll-out of a tailored learning package to ensure changes are truly understood and land well within your firm.

 

Key Benefits

  • Ensure your current treatment of vulnerable customers aligns to regulatory expectations
  • Create greater customer advocacy and loyalty
  • Reduce costs through a more efficient operating model and more effective case resolution

  • Enhance the customer experience through more empowered staff

 

Why Huntswood

Deep experience and a proven record of delivery

Subject matter expertise and insight

Tailored and actionable recommendations