A “vulnerable consumer” is someone who can make their own decisions but might need help because of their situation (like hearing or vision problems) or someone who has limited ability to make decisions and needs help (like people with intellectual disabilities or mental health issues).
We assume everyone can make decisions unless it’s proven otherwise. This ability is specific to each decision and time. We identify potential vulnerabilities during the “Knowing the Client” meeting.
Categories of Vulnerable Consumers
- Can make decisions but need consideration: Age, poor credit history, low income, serious illness, bereavement.
- Can make decisions but need help: English not first language, poor literacy, hearing or vision impairments.
- Limited ability to make decisions: Mental illness, intellectual disability.
Arrangements and Assistance Offered
- If we identify a client as vulnerable, we suggest they bring a friend or relative to meetings.
- If English is not their first language, we suggest they bring someone with good English skills.
- We regularly check if the client understands what we are explaining.
- We note any additional reassurances the client needs in our meeting notes.
- If the client prefers to continue without a third party, we record this in their file.
- It’s the client’s choice to bring someone to the meeting. If we feel the client doesn’t understand the product or service, we note our concerns.
We are sensitive in how we record vulnerabilities, ensuring all staff are aware of the client’s circumstances.
This policy is written in plain language to ensure clarity and ease of understanding.
If you need further assistance or have any questions, please contact us at planner@charteredcapital.ie