Control area: Principles

The Standard requires that senior management within the organisation shall demonstrate their commitment to the key concepts and principles listed:

Accountability: a culture that underpins good consumer outcomes and identifies vulnerable customers is key.

Empathy: customers that become vulnerable shall be treated with kindness and respect at all times.

Empowerment: consumers should be empowered with the tools they need to make appropriate decisions without confusing language or barriers. Staff within the organisation need resources to support consumers identified as vulnerable.

Fairness: treat all consumers fairly. There should be no discrimination or exploitation of  particular groups of consumers.

Flexibility: provide flexibility in the approaches to vulnerable consumers.

Inclusivity: Create and develop new services that can be used / accessed by a wide range of consumers.

Innovation: new technologies should be created to identify and support vulnerable consumers. Adapt to emerging markets and sudden economic changes. Make sure any new technologies do not create barriers for certain consumer groups.

Privacy: Ensure and embed sound data protection safeguards.

Transparency: Be clear on the organisation’s purpose with regards consumer vulnerability and how you plan to deal with consumers at risk.

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.