Looking After Vulnerable Customers
As brokers for finance and insurance, motor dealers have a duty to act under the Consumer Duty regulation to act in a way that promotes 'good outcomes' for retail customers. This means good outcomes for every customer - including those that might need extra support and attention to help them achieve their financial objectives.
We are aware that many dealers feel anxious about dealing with a vulnerable customer. Our in-depth training helps you recognise a potentially vulnerable customer, but we also understand that many forms of vulnerability are hard to recognise. Ingeni can help support you in selling to vulnerable customers with our new Duty of Care Assessment, a confidential assessment the customer carries out, which gives the salesperson specific advice based on their answers.
Promoting Good Outcomes
The Duty of Care Assessment is a very short questionnaire that the customer fills in. You don't see their answers, but the assessment gives guidance on those areas the customer finds harder to manage, with tips as to how to help ensure they do understand all the details of the transaction.
The Confidence to Support Vulnerable Customers
Our Duty of Care Assessment gives individuals working in dealerships more confidence when dealing with a vulnerable customer. The Assessment gives specific tips and suggestions as to how to present information to a specific customer, based on their own anwers to the confidential questionnaire.
It gives the dealer a level of knowledge and insight into each customer's particular needs, whether that's because English is not their first language, they are dyslexic, find it hard to concentrate for long periods, or simply have difficultly understanding financial matters. There are so many things that make a customer potentially vulnerable. It may even just be that they are young, and it is their first time taking out a finance agreement so they need extra explanations. Even if the customer is not vulnerable, the Duty of Care Assessment helps dealers communicate in the best way with each specific customer.
To find out more about about our training and support systems designed to maximise the support we can give vulnerable customers, get in touch!