Vulnerable Customers Policy
RM cycles had a vulnerable Customer Policy which is designed to ensure the way in which we act and conduct business ensures that vulnerable customers can access all our goods and services without prejudice or hindrance.Vulnerable customers are defined as those whose ability or circumstances require us to take additional steps and precautions in the way we sell and provide our services to ensure they are not disadvantaged.
Who are considered vulnerable customers?
The Financial Conduct Authority (FCA) defines a vulnerable customer as “someone who, due to their personal circumstances. Is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care”. Our promise is to treat all our customers daily and when dealing with people with any vulnerability we take account of such vulnerability to ensure that the way we sell and provide our services does not cause them detriment.
Examples of vulnerable customers
We recognise that certain groups of customers may be vulnerable/ Whilst not all customers in these groups may be vulnerable, we will consider a customer's individual circumstances where a potential vulnerability is identified. These groups may include, but are not restricted to:Customers
- with a communication difficulties ( including language barrier)
- with any form of disability or protected characteristic
- personal circumstances, including but not restricted to- financial difficulties, redundancy, serious illness, bereavement , caring responsibilities.
- age- particularly older and younger people. For example, a younger person may be considered inexperienced, and the older person may be less technological able.
- who suffers from stress, anxiety etc or anyone with a reduction in physical or mental capacity
- With any illness, whether physical or mental.
Identifying vulnerable customers
When interacting with the public, whether that be in person, via telephone written or electronic communications all employees will take steps to identify vulnerable customers and to provide any additional level of assistance they may require.Although it may be apparent in some cases, it might not be easy to identify needs in others. If you believe you meet the criteria of a vulnerable customer, please let us know as soon as possible of any additional needs you may have, or any way we can assist, This is best done when you first contact us
Our staff have access to the FSA guidance ( https://www.fca.org.uk/publication/documents/guidance-fair-treatment-vulnerable-customers-faqs.pdf ) We ask all our staff to complete a training module identifying vulnerable customers and then pass a test on how best to treat them.
RM Cycles commitment to engaging vulnerable customers
As soon as we think we may be engaging with a vulnerable customer, either by the customer informing us or by our staff identifying a customer whom may be vulnerable
- We will provide extra opportunities for you to ask questions or seek further confirmation about the transaction or service we provide.
- We will continuously seek confirmation that you have understood the information, especially in cases of customer finance application, for example.
- If you feel it would help, you can ask for someone to assist you, such as a family member or friend. We may also suggest this option.
- We will always offer additional opportunities to complete a transaction after further consideration.
- If for some reason we are unable to help. We commit to taking extra steps beyond our standard sale process to try to sek alternatives or point customer to where they can best seek a solution.