The new ISO 22458 Standard defines consumer vulnerability as:
State in which an individual can be placed at risk of harm during their interactions with a service provider due to the presence of personal, situational and market environment factors.
Many organisations now have obligations to identify consumers at risk due to numerous situations that can occur, placing them inadvertently into the vulnerability category.
The FCA published FG21/1 with regards vulnerability in the financial regulated services. However, organisations not regulated but having a wide range of consumers will benefit from applying ISO 22458 the new Consumer Vulnerability Standard.
Marcus has twenty years’ experience in delivering Governance, Risk and Compliance solutions to over two hundred organisations within the UK. Marcus holds the respected Diploma in Governance, Risk and Compliance from the International Compliance Association and gained a master’s degree in Management Learning & Change from the University of Bristol. Marcus is registered under the BSI Associate Consultant programme.