Vulnerable Customer Policy

The purpose of this policy is to ensure that the operations of Bedstar Ltd do not have any negative impact upon vulnerable customers.

What are the key aims of the Policy?

• We aim to treat customers as individuals, providing a flexible response to meet their needs wherever possible.
• Review our policy and evaluate performance on a regular basis
• Encourage disclosure of vulnerabilities from customers through guidance and good practice
• Ensure where necessary our staff receives appropriate guidance to help identify and engage effectively with the customer.
• Ensure all vulnerable customers are treated fairly
• Review and update customer communications to ensure clear and simple information is provided.

For the purposes of this policy, vulnerable customers are customers and prospective customers whose ability or circumstances require us to take extra precautions in the way we sell and provide our services to ensure that they are not disadvantaged in any way.

What is a vulnerable customer?

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 company is not acting with appropriate levels of care.

All customers are at risk of becoming vulnerable, but this risk is increased by having characteristics of vulnerability. It could be poor health, e.g., cognitive impairment, life events such as new caring responsibilities, low resilience to cope with financial or emotional shocks, and low capabilities, such as poor literacy or numeracy skills. 

The FCA expects firms like us to treat customers fairly when we are dealing with people with vulnerable circumstances.

Identifying a vulnerable customer

When engaging with customers over the phone it is often difficult to identify a vulnerable customer this can be due to many characteristics that we cannot always see, such as body language and facial expressions, which may identify whether the prospective customer requires additional information and guidance to enable them to make an informed decision. For this reason, it is vitally important to listen carefully to try and identify people who may be classed as vulnerable consumers.

For the purposes of this policy, we consider a vulnerable customer as being someone who has:

• Learning or physical disability.
• A physical or mental illness, chronic or otherwise including an addiction to alcohol or drugs. A reduction in physical or mental capacity.
• A dependency upon others in the performance of, or a requirement for assistance in the performance of physical functions.
• Severe impairment in the ability to communicate with others. Impairment in a person’s ability to protect themself from assault, abuse, or neglect.

We will provide guidance for staff on how to define and identify a vulnerable customer. However, it is not always possible to recognize these characteristics.

If you believe you may fit the criteria for a vulnerable customer, please read this policy and notify us immediately of your needs.

Our Commitment

• Ensure our staff make time to listen to the individual needs and circumstances of our customers
• Ensure our staff are given guidance to identify and understand. And deal with vulnerable customers.
• Ensure email/telephone call information is followed up and in writing where necessary containing discussed information along with any relevant terms and conditions and disclosure information.
• Ensure all staff are appropriately trained in our escalation process and know who to approach.

Vulnerability Groups

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 communication difficulties (including learning difficulties English not being their first language, and dyslexia)
• A customer with a reduction in physical or mental capacity
• A customer with health issues - illness, whether physical or mental illness, severe or long term (including dementia, mental disorders, cancer, etc)
• A sudden diagnosis of serious illness to the customer or close family member
• Personal circumstances of the customer and factors such as severe financial difficulties, bereavement, caring responsibilities, or redundancy
• The customers age particularly older and younger people. For example, a younger person may be considered inexperienced, and the older person may be less technologically able

What are our key principles when engaging with a vulnerable customer

As soon we think we may be engaging with a vulnerable customer, whether this is through our identification or you are approaching us, we will:

• Immediately make a record of this and ensure we adhere to this policy
• We will provide additional opportunities for you to ask questions about the information we have provided
• We will continuously seek confirmation that you have understood the information that has been provided
• We will ask if there is anybody with you who is able to assist. If not, and we believe this will be beneficial, we will plan to continue with the subject matter at another time
• Wherever possible we will allow more time and flexibility in your arrangements with us to try and come to a successful outcome.

Contacting Us

Through our contact methods, we make it easy for customers to contact us.

We will ensure that ways to contact us are clearly visible on all communications, providing a choice of diverse ways for you to contact us.

Phone – 0844 880 1570

Email via our Online Contact Us Form – Click here

Online Chat facility – www.bedstar.co.uk

Face-to-face (where appropriate)

Post in writing to – Bedstar LTD. 98 High Street, Knaresborough, HG5 0HN