Protecting Vulnerable Customers – Advanced Strategies – Australia

Product Description

Advanced training for your staff and managers on how to identify and protect customers experiencing vulnerability

Community expectations are increasing for financial institutions to identify and assist customers experiencing vulnerability.

This is reflected in industry codes, such as the Australian Banking Code of Practice and the Customer Owned Banking Code of Practice. Decisions by the courts, AFCA and regulators reinforce the expectations to properly protect vulnerable customers.

While GRC Solutions’ entry-level Protecting Vulnerable Customers course provides important building blocks for frontline employees to identify the different types of vulnerability that may be experienced by customers and respond appropriately, this advanced course builds on these foundations to help experienced employees explore other dimensions of customer vulnerability.

Based around the ACCC’s 2021 Consumer Vulnerability guide which outlines how a range of sectors should comply with the Australian Consumer Law, this course explains how the ACCC’s insights apply to the banking sector.

This course incorporates case studies sourced from the FCA, one of the UK banking regulators. This provides access to world-leading methodologies for dealing with customers experiencing vulnerability. FCA case studies concerning mental health issues provide a new dimension in addressing customer vulnerability.

The course also provides an overview of ASIC’s Indigenous Financial Services Framework. This assists financial institutions to identify and appropriately respond to Indigenous customers experiencing hardship. Furthermore, it addresses the training requirements specified in industry codes of practice concerning the support of vulnerable Indigenous customers experiencing vulnerability.

Who should do this training?

The course is designed for all frontline staff in financial services and their supervisors. It is assumed that these staff members already possess a foundational understanding of how to interact with vulnerable customers.

Related training on vulnerable customers

This course is intended for staff and managers who have experience and knowledge about dealing with customers who may be experiencing vilnerability.

Initial training on the subject is offered by our six-module eLearning:

Course Outline

Module One: Identifying which customers are vulnerable (10 minutes)

  • Factors that may indicate a customer is experiencing vulnerability.
  • How to help staff identify indicators that may increase the likelihood that a customer is experiencing vulnerability.

Module Two: Strategies to protect vulnerable customers (10 minutes)

  • A range of strategies that can help to protect customers who are experiencing vulnerability, covering:
    ~ Product information
    ~ Sales and marketing tactics
    ~ Accessibility support
    ~ Dispute resolution
    ~ Hardship and debt collection

Module Three: Mental health issues and vulnerability (10 minutes)

  • Fctors to consider when confirming a customer’s decision-making capacity.
  • Strategies to help a customer who is vulnerable due to mental health issues.

Module Four: Indigenous customers and vulnerability (10 minutes)

  • ASIC’s Indigenous Financial Services Framework.
  • Challenges some Indigenous customers may face when engaging with financial institutions.
  • Strategies financial institutions can implement to help Indigenous customers.

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