Problem Areas Identified by the FCA

Policy

  • Many firms lack an overarching strategy or policy on consumer vulnerability.
  • Policies designed to prevent financial abuseand fraud can inhibit staff empowerment to use discretion, particularly regarding legitimate access by third parties.

Systems

  • Failure of internal systems, where firms fail to communicate and connect information internally. For example, this can lead to customers having to tell firms multiple times about bereavement, resulting in numerous duplicate letters from different areas of the business being sent
  • Increasing automation and use of call centres may create challenges in spotting potential vulnerability and ensuring customers are referred on to specialist teams where necessary.

Products

  • Inflexible products and services that are designed for a standardised perfect customer and do not factor real-life events into their design. Some customers who face a change in circumstances are therefore not able to receive a flexible, tailored response.
  • Product and information complexity and confusing communications.
  • Lack of suitable affordable products for people in some non-standard situations.

Implementation

  • Policy/practice gap at firms, where frontline staff are not aware of or do not implement head office policies. Frontline staff may not refer people on to specialist teams.

How TellJO can help overcome these problem areas

Policy

  • TellJO will add value to your strategy by allowing you to identify vulnerable customers at the earliest possible stage and automatically refer them to support organisations
  • TellJO gives you an independent interface directly to your customers

Systems

  • TellJO provides a dashboard which scores customers on their vulnerability, capability and affordability. With the customers explicit consent, we willshare where we have referred the customer and give best advice on how to deal with the vulnerabilities. All the information will be on your creditor dashboard
  • TellJO is specifically designed to engage with vulnerable groups and will automatically identify them to specialist teams and automatically refer them to external support organisations

Products

  • The TellJO self-assessment is designed to understand how best to identify and support vulnerable customers whatever their circumstances. Customers will be automatically referred to support organisations and based on the outcomes, tailored advice on how to support the customer will be given.
  • TellJO engages directly with the customer and is designed to be user friendly to vulnerable groups
  • TellJO identifies the customers situation and gives tailored advice on how best to support the customer.

Implementation

  • TellJO is a digital solution, designed to identify, engage and support vulnerable groups, allowing your front-line staff to invest time
    where appropriate. TellJO automatically updates the dashboard to ensure the specialist teams have full disclosure automatically.