JB Furniture has a Vulnerable Customer Policy in place to ensure that the way we conduct business does not have a negative impact upon vulnerable customers. Vulnerable customers are identified as those who ability or circumstances require us to take precautions in the way that we sell our products to ensure that they are not disadvantaged.

 

Introduction

 

Everybody has the potential to become vulnerable throughout the course of their lifetime. It is guaranteed that, as a business, we will have dealings with those experiencing vulnerable circumstances.

 

It is important that we have a suitable policy in place so that we as a business understand how to identify vulnerable customers and appropriately deal with their situation. Having a suitable policy in place allows us to fairly meet our customer's needs.

 

Who are considered vulnerable customers?

 

The Financial Conduct Authority (FCA) defines a vulnerable customer as anyone “who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.”

 

There are four key characteristics associated with vulnerability. They are health, life events, resilience and capability.

 

We recognise that certain groups of customers may be vulnerable, whilst not all customers in these groups may be vulnerable we consider a customer’s individual circumstances when identifying a potential vulnerability.

 

Vulnerable customer groups may include, but are not limited to:

 

  •   •  Customers with low literacy, numeracy or financial literacy

 

  •   •  Customers with any form of physical disability

 

  •   •  Customers with severe or long term illness

 

  •   •  Customers with mental health problems

 

  •   •  Customers with low income or debt

 

  •   •  Customers with caring responsibilities including operating a power of attorney

 

  •   •  Elderly customers, they may have cognitive, sensory or dexterity problems

 

  •   •  Young customers, they can be considered as inexperienced

 

  •   •  Change in circumstances such as job loss or bereavement

 

  •   •  Customers with a lack of English language skills

 

We recognise that living with any of the above conditions/circumstances does not make someone vulnerable. In the context of financial services, it is the person’s situation and barriers to accessing such services that may make them vulnerable. We also recognise that an individual without these circumstances may also be considered a vulnerable person.

 

Identifying Vulnerable Customers

 

It is important that our staff can correctly identify and address the needs of a vulnerable customer. Although in some cases it may not be easy to identify a vulnerable individual, if you believe that you meet the criteria of a vulnerable person please let us know of any needs you may have. Equally, if we can help in any way please let us know.

 

We may be able to identify one or more of the risk factors mentioned above during a telephone call, webchat or face-to-face conversation. 

 

We have made sure that our team has access to the FCA guidance.

 

Dealing with Vulnerable Customers

 

If someone is vulnerable it does not mean that they are unsuitable for our products. If a customer is identified as vulnerable we should take care to adhere to any requirements set out in this policy.

 

When dealing with vulnerable customers staff must do the following:

 

  • Remain patient and empathetic

 

  • Ensure the customer can hear and understand you

 

  • Allow the customer to thoroughly explain their needs

 

  • Do not rush or interrupt the customer

 

If a customer discloses information about their vulnerability staff should know where and how to record this information. This information may include ‘special category’ data which requires the business to implement additional measures under GDPR. The TEXAS Drill is an effective method to ensure customers are treated fairly and any relevant information is recorded and complies with our GDPR obligations.

 

TEXAS Drill

 

- Thank the customer for sharing the information with you

 

- Explain to the customer how you will use that information 

 

- Gain eXplicit consent from the customer to record the information and use it as explained to them

 

- Asking the customer questions to find out key information to understand the situation better. 

 

- Signpost the customer to sources of free and independent help and support if appropriate, such as their local Citizens Advice Bureau, the Money Advice Service, Mind or the Samaritans.

 

As a business, we are aware that there are limits as to what we can do to form a view as to whether a customer is vulnerable. This is especially true when they purchase products through our website.

 

Treating Vulnerable Customers Fairly

 

To treat vulnerable customers fairly we will do the following:

 

  •  •  Employees are trained in identifying and dealing with vulnerable customers

 

  •  •  Where possible we will identify vulnerable customers in our systems

 

  •  •  We will use our systems to help us deal with customers in an appropriate manner

 

  •  •  We will clearly list our policies on our website

 

  •  •  After gaining consent we will report any relevant information to our finance provider(s)

 

  •  •  We will ensure that the customer understands all the information available to them before applying for finance

 

Contact JB Furniture

 

If you would like to contact a member of our team to let us know about a personal circumstance you think we should be aware of, please contact us in one of the following ways:

 

JB Furniture Wakefield - 01924 273103

JB Furniture Newcastle - 0191 215 1788

Email - hello@jbfurniture.co.uk