An issue too big to ignore?

A range of societal issues exacerbated by the lasting impacts of Covid-19 and the cost-of-living crisis has resulted in 47% (24.9 million) of UK adults exhibiting some form of vulnerability – this cannot be ignored by organisations.

For customer facing organisations in the Financial Services, Water and Energy sectors, the regulator has, or is likely to, establish guidelines on how vulnerable customers should be supported – or the organisations run the risk of major sanctions and fines.

Whilst the same regulations may not (currently) apply to other organisations such as retailers, disenfranchising a large demographic is risky. There is also increasing evidence that there is a business case beyond revenue protection for effectively supporting vulnerable customers.

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This article was first published in the 2024 Best Practice Guide - Shaping the Future

To download a full digital copy of the Best Practice Guide, click here.