Welfare - Customer & Adjuster

Question 1

How do the FCA define vulnerable customers?

Answer 1

Someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care

Question 2

List four examples of vulnerabilities

Answer 2

Poor health,
Negative life events,
Low financial resilience,
Low capability

Question 3

How do the FCA say firms must treat vulnerable customers?

Answer 3

Understand what harm customers may be vulnerable to, and ensure those in vulnerable circumstances receive the same fair treatment and outcomes as other customers. Must be throughout the full customer journey.

Question 4

What considerations should be given to the welfare of the adjuster?

Answer 4

Lone working / visits the policyholders- could become dangerous if insured unhappy with decision
PPE - physical hazards
Mental risk - stress / anxiety

Question 5

What does the HSE say employers must consider in relation to lone working?

Answer 5

Accessing areas of risk (manual handling, violence, risks in workplace)
Training, levels of experience, how to monitor & supervise
Systems in place to keep in touch & respond to any incidents

Employees have a duty to take reasonable care of themselves & those affected by their work activities.

Question 6

What are the four stages of the HSE violence management process?

Answer 6

Find out if you have a problem
Decide what action to take
Take action
Check what you have done

Question 7

What action does the HSE recommend following an incident of workplace violence?

Answer 7

Debrief - victims will need to talk through their experience as soon as possible
Time off work - specialist counselling may also be needed
Legal help
Other employees may need guidance in how to react appropriately

Question 8

What are the stages of the grief cycle which policyholder may experience?

Answer 8

Denial
Anger
Bargaining
Depression
Acceptance