The Lending Standards Board (LSB) has published a report of the findings from a standards development review of consumers in vulnerable circumstances. The research found that whilst most firms are at the beginning of their vulnerability journey, they recognise that vulnerability should be at the ‘forefront and conscience of everyone’s minds’, at every stage of the customer journey, and not something that is confined to debt collection. The LSB has also developed a number of desired customer outcomes in the area of customer vulnerability which will form the basis of the vulnerability section in the standards that are currently being developed. The high level outcomes will be underpinned by detailed practical guidance and examples of best practice to demonstrate how firms may be able to achieve the desired outcomes.
View LSB reports on review of how firms treat vulnerable customers, 18 April 2016