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News for Members

29 March 2017

Vulnerability - A Guide for Debt Collection - 21 Questions, 21 Steps

A guide providing new data, insights and recommendations for organisations working with indebted customers in vulnerable situations has been released this month.

Based on research funded by the Finance & Leasing Association and The UK Cards Assocation, the guide provides practical guidance for those working within collections and recommendations on working with customers living with mental health problems, serious physical or terminal illness, bereavement and addictions.  It also looks at customers who disclose thoughts of suicide.

Since the launch of the Financial Conduct Authority's work on vulnerability, there have been positive changes across the collections, creditor and advice sectors in terms of policy, practice and progress. Vulnerability is now part of the landscape, with specialist teams being formed in many organisations and ongoing development of new guidance and principles.  This new research aims to measure the impact of the work carried out to date.

The guide aims to explain how organisations can identify, understand and better support customers in vulnerable situations.  It contains 21 steps which are organised into three sections:

  • staff actions
  • focused support
  • organisational development

 

Case studies illustrating how firms may put the principles into practice are also featured. Click on this link to view the guide. 

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