FLA launches project to assist members dealing with vulnerable customers

The Finance & Leasing Association (FLA) has begun a programme of work to help its members identify and support vulnerable customers.

FLA members already work hard in what is a notoriously difficult area of customer service. The plan is to create an information hub to capture and share good practice across the industry, including topics like Powers of Attorney and Data Protection.

Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said:

“Sharing best practice will spread the knowledge of successful ways of identifying and serving vulnerable customers, and will support our members as they develop their own programmes.

“The project will also allow FLA members access to case studies covering a broad range of subjects, including how the Financial Ombudsman Service approaches vulnerability.”

Notes to editors

1. In February 2015, the Financial Conduct Authority challenged firms to review their approach to vulnerability, and the subject has been a recurring theme in our discussions with our members.

2. The FLA’s new vulnerability resources will be a members-only service on the association’s website.

3. The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK, and the largest organisation of its kind in Europe.

4. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.

5. In 2015, FLA members provided £110 billion of new finance to UK businesses and households. £81 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK in 2015.