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Daily news update: FMA’s guide to customer vulnerability, and more stories

The FMA published their expectations for identifying vulnerability and handling vulnerable customers appropriately. This guideline provides further insight on the FMA’s conduct expectations for managing the specific needs of vulnerable customers. The document focuses on understanding vulnerability, staff capability, customer service and communications.

“This document provides further explanation on the FMA’s conduct expectations for serving the needs of vulnerable customers, set out in our April 2020 letter to financial services CEOs. We expect to issue more detailed guidance and feedback on vulnerability practices as we continue our engagement with industry over the coming months.” Click here to read more

In the document the FMA talks about identifying circumstances rather than 'types' of people that are vulnerable. The Human Rights Commission compiled a detailed guide to vulnerable people after the Canterbury Earthquakes. That guide also talks about situations and conditions and intersections between these. For example individually, neither poverty, nor family situation, nor work situation may make a person vulnerable. But a person who has recently lost their job, who also cares for someone who is unwell, and is experiencing financial stress, is probably vulnerable. 

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