The financial emergency service

Every one of us is at risk of harm, says the Financial Conduct Authority (FCA), and we are at even more risk if we are in a vulnerable situation.

The impact of the pandemic, the lockdown and now the financial downturn has left increasing numbers of people without financial resilience. They don’t have enough money for their bills.

The FCA reckons half of UK adults have at least one vulnerability. If you are aware of this and face up to it, you can greatly improve the treatment you get from financial institutions. Suffering harm is serious – it can cost you money if you can’t search for the best deal, or you fall victim to scams, get into debt, commit to loans you cannot afford, or buy insurance that will never pay out.

Every firm regulated by the FCA –including banks, insurance companies and financial advisers – is required to take extra care of vulnerable customers, though not all of them comply as considerately as they should. Some firms don’t even understand what counts as being vulnerable.

A few signs are easily recognisable –being elderly or very sick; having dementia. Many others are also vulnerable: those with poor communication skills; people on low income; anyone subject to abuse; people with cultural and language barriers or who are illiterate or innumerate.

You can be regarded as vulnerable if you have health problems that affect your day-to-day activities; suffer an upsetting life event such as bereavement, the breakdown of a relationship or job loss; take on caring responsibilities; have little knowledge of financial matters or low confidence in dealing with money.

Vulnerability can be temporary or permanent, and firms must adapt the way they treat you as your circumstances change.

You might hesitate to say anything because you worry that what you are buying will cost you more, or that you could be refused a loan. You might want to keep your personal situation confidential, or you simply don’t know that you can disclose your circumstances.

Whatever your approach, staff should be trained to spot clues from all customers who are struggling.

For example, if someone asks about investing a large sum of money they have received from a life-insurance payment, staff should pick up that he or she could be in distress and give them more time to consider their options.

Some companies create specialist teams, train their staff well and give them resources to take care of vulnerable customers. Just how sensitively you are dealt with can also depend on the empathy shown by the individual person who is serving you.

If you are dissatisfied, you can always ask to speak to someone else. Having procedures in place to care for vulnerable customers should be embedded in the whole way a company does business under the new strict

‘Give it to me straight, Doc. How long will my car have to spend in the car park?’

Consumer Duty rules coming into force in July.

Just having a vulnerability does not automatically mean you need extra consideration, but it is worth knowing when you are entitled to be treated with extra care. The FCA says much more still needs to be done to improve outcomes for vulnerable customers.

And it threatens action against firms that are not doing enough.

Invites You To Come And Stay At

13th-20th October 2023

La Foce was the Tuscan home of Iris Origo, which she immortalised in her wartime memoir War in the Val d’Orcia. In the 1920s, she commissioned Cecil Pinsent to design the world-famous gardens. Four years ago, her granddaughter renovated the 15th-century villa and its outbuildings, and they are now available to rent. So we snapped up an available week. We will have the Origos’ home to ourselves, and will be able to swim in the pool and wander through the gardens, while looking across the valley and its famous zigzag road which features on so many book jackets. Not to be missed.

Itinerary

Friday 13th October – arrival

Morning flight to Rome; late lunch at the villa followed by tour of the garden.

Saturday 14th October –Perugia and Assisi

Guided tours of Perugia, where we will have lunch, and Assisi, to marvel at Giotto’s frescoes of the life of St Francis.

HOW TO BOOK: Please email Katherine at reservations@theoldie.co.uk or call 01225 427311. Price per person: £2,750 which includes all meals, all drinks at the house and great wine with meals, transport and entrances. You need to book and pay for your own flights. Single supplement: £500. A non-refundable deposit of £750 will be required, with the full balance due on 1st July 2023.

Sunday 15th October – day at the villa Dinner in the Dopolavoro restaurant, which was built by Iris Origo for the farm labourers.

Monday 16th October – Montepulciano and Montalcino

A day of wine-tastings in these two classic hill towns.

Tuesday 17th October – Arezzo

Guided tour of the city, including the duomo, followed by lunch in the Piazza Grande. Afternoon at La Foce.

Wednesday 18th October – Lake Trasimene and Cortona

Morning guided tour of the walled hilltop town of Cortona. Lunch at Albergo Ristorante da Sauro, on the pretty island of Maggiore on Lake Trasimeno, where Hannibal won his famous victory.

Thursday 19th October – Orvieto

Morning guided tour of the duomo followed by lunch. Afternoon at La Foce.

Friday 20th October – home

Leave after breakfast for Rome Fiumicino.