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With the UK Financial Conduct Authority (FCA) recent emphasis in its consultation paper on prioritising the needs of vulnerable customers, is the financial services profession equipped and ready to help these consumers manage their money?
The not-for-profit Chartered Institute for Securities & Investment (CISI) professional body has developed an online e-learning course to ensure that every financial services professional, including its 44,000 global members, can deepen their understanding of the FCA requirements and the Financial Planning Standards Board guidance.
This e-learning assessment will help identify vulnerable customers and explain the necessary practices and guidance which are necessary for finance professionals to demonstrate their duty of care.
The module is recognised evidence of active learning and examines the way customer-facing staff, as well as those who are in regular contact with customers, identify and deal with vulnerable customers.
The new online unit consists of a 120-minute series of modules, followed by a 30 question multiple choice test with a 73% pass mark. This course is available to both members and non-members. The cost is £60, with members entitled to a discounted rate of £50 for bookings made before the 30th November.
Simon Culhane, Chartered FCSI, CISI CEO said: “The FCA undertook its Understanding UK Financial Lives survey in 2017 which indicated that 50% of UK adults display one or more characteristics that signal their potential vulnerability. In its latest consultation the FCA has broadened the categories which are sources of vulnerability and defined them as health, resilience, life events, and capability. Our new online course has been developed to support our profession and to help practitioners understand the entire range of social demographics which encompass this important vulnerable customer category, with challenges on how to assess and cope with the risks involved.”
The appropriate treatment of vulnerable customers is a key concern for regulators all over the world, in the financial services sector and beyond. Keeping these customers safe is both a regulatory requirement and a moral imperative, so firms must be proactive in identifying them and providing the best possible service.
For further information on the Chartered Institute for Securities & Investment contact Lora Benson +44 20 7645 0662/ +44 7801 521034 or lora.benson@cisi.org
About Chartered Institute for Securities & Investment
The CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment profession.
Based in the City of London, with origins in the London Stock Exchange, the CISI is a global organisation with representative offices in financial centres such as Barcelona, Colombo, Dubai, Dublin, Edinburgh, London, Manila, Mumbai and Nairobi. We work in close cooperation with regulators, firms and other professional bodies worldwide and over 40,000 examinations were sat in 81 countries in the last twelve months. With 45,000 members in 111 countries the CISI is the professional body which sets examinations and offers qualifications for those working in or looking to establish a career in the financial planning, wealth management and capital markets profession.
