Changes to treatment of Vulnerable Customers

Changes to notifying customer vulnerabilities and clarity on ability to read, speak and understand English

In response to the FCA’s guidance on the fair treatment of vulnerable customers, we have made further changes to fulfil our obligations to meet the needs of all our customers. In addition, we would like to clarify our existing policy in relation to the customers’ ability to read, speak and understand English.

Notification of vulnerable customers

With support from the Money Advice Trust we have undertaken a review of how we identify, support and process finance applications for vulnerable customers. To help with this process, we request that you notify us if a customer has a vulnerability by adding this information to the ‘Broker Notes’ functionality within our online application portal.

We would like to remind our Intermediary partners of the Intermediary Terms of Business and Site Terms of Business, available here, which reflect the obligations outlined by the FCA in the fair treatment of vulnerable customers.

Customers’ ability to read, speak and understand English

To confirm, it is a requirement that all applicants must be able to read, speak and understand English to a level that they are fully aware of all obligations and requirements when entering any financing arrangement with the Bank.

From today, as part of the DIP process, you will now be asked to confirm this requirement as part of the ‘Applicant Details’ section within the online application portal.

The Bank is unable to enter into a financing arrangement where this is not the case. This requirement is reflected in our criteria and product guides, and point 2 of our Site Terms of Business.

If you have any queries or require further information our team remains available via phone and email, details of which can be found here.

Thank you for your continued support.