V12VF | Consumer Duty | April 23 - Flipbook - Page 15
6.
Customers with characteristics of vulnerability
The broad target market described as suitable for the Products is likely to include some customers with characteristics
of vulnerability or who will experience vulnerability over time.
A vulnerable customer is anyone who requires additional support, due to social circumstances, physical or mental
disability or impairment or suffering a traumatic event. Or they require additional support due to their financial
capability or resilience to make an informed decision in relation to a financial product. Customers can be deemed
vulnerable based on both personal characteristics as well as personal circumstances.
All customers are at risk of becoming vulnerable and this risk is increased by characteristics of vulnerability related to 4 key
drivers:
•
Health – health conditions or illnesses that affect ability to carry out day to day tasks
•
Life events – life events such as bereavement, job loss or relationship breakdown
•
Resilience – low ability to withstand financial or emotional shocks
•
Capability – low knowledge of financial matters or low confidence in managing money (financial capability).
Low capability in other relevant areas such as literacy or digital skills
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