- Have a low income.
- Are from a non-English speaking background.
- Have a disability-intellectual, psychiatric, physical, sensory, or a learning disability.
- Have a serious or chronic illness.
- Have poor reading, writing and numerical skills.
Which of the following are examples of a vulnerable customer?
- Customers with communication difficulties (including learning difficulties and English not being their first language, dyslexia)
- A customer with a reduction in physical or mental capacity.
- Customer with health issues – illness, whether physical or mental illness, severe or long term.
What factors contribute to the vulnerability of consumers?
The factors that could make a consumer vulnerable could be any illness, condition, stress or disadvantage . These rarely remain static too, meaning they could get better or worse over time, not to mention that they could affect your customer in some situations but not others.
How does the FCA define a vulnerable customer?
The FCA defines a vulnerable customer is someone who, due to their personal circumstances, is especially susceptible to harm , particularly when a firm is not acting with appropriate levels of care.
What constitutes a vulnerable consumer?
A vulnerable consumer is someone who, due to their personal circumstances, is especially susceptible to detriment , particularly when a firm is not acting with appropriate levels of care.
How do you determine consumer vulnerability?
Identifying Vulnerable Customers – Types and Warning Signs
The FCA identifies four key drivers of vulnerability, namely: Health –any long-term disability, impairment or illness such blindness, deafness, infirmity, speech impairment, age-related conditions, and learning disability.
How do you identify a vulnerable customer?
- Extreme moods.
- Poor concentration or finding it hard to make a decision.
- Feeling overwhelmed by things.
- Being tearful or emotional.
How do you handle vulnerable customers?
- Practice empathy. ...
- Set expectations for the call. ...
- Ask about communication preferences. ...
- Practice active listening techniques. ...
- Speak clearly without being patronising. ...
- Validate the customer’s feelings but don’t react to them.
Who are potentially vulnerable customers?
Vulnerable customers are individuals who are deemed to be more at risk of ‘detriment’ due to their personal circumstances for a range of reasons, including short-term, long-term, or permanent emotional, mental, physical, financial or social circumstances.
What are the four drivers of vulnerability?
Four categories of characteristics are considered to constitute drivers of financial vulnerability -poor health, impact of life events, low resilience and low capability [3] (Table 1) -with the latest report finding that 53% of UK adults show one or more of these characteristics [4]. ...
What is consumer data privacy?
Consumer privacy, also known as customer privacy, involves the handling and protection of the sensitive personal information provided by customers in the course of everyday transactions . The internet has evolved into a medium of commerce, making consumer data privacy a growing concern.
What age may a person be deemed to be vulnerable?
As defined in the psychology, sociology, social work and legal fields, a vulnerable adult, or an adult at risk, is a person over the age of 18 who is unable to take care of themselves. It can also refer to one who is unable to protect themselves against significant harm or exploitation.
Why should businesses consider the methods of marketing to vulnerable consumers?
Specifically, he says that marketers should protect or avoid marketing to those who are vulnerable. ... This responsibility is especially significant for vulnerable customers because they are less able to protect their own interests than normal customers and therefore more susceptible to harm from marketers.
How can we reduce vulnerability?
- Implementing building codes.
- Insurance and social protection (risk)
- Emphasising economic diversity and resilient livelihoods.
- Knowledge and awareness raising.
- Preparedness measures.
What are the types of vulnerability?
The different types of vulnerability
According to the different types of losses, the vulnerability can be defined as physical vulnerability, economic vulnerability, social vulnerability and environmental vulnerability .
How many steps in the advised sales process?
The 7 step sales process.
