Cultivate strength in spotting vulnerability

Though the regulator has described what a ‘good’ firm looks like when dealing with vulnerable consumers, it does not outline how such customers should be identified. Martin Kisby comments on ways that technologies can help lenders recognise vulnerability and safeguard their customers from unmanageable debt.

Martin Kisby is head of compliance at Equiniti Credit Services (www.equiniticreditservices.com), which offers outsourced FCA-compliant credit management. Equiniti (www.equiniti.com) processes £90 billion in payments every year, handles 88 million documents and pays 20 per cent of pensioners in the United Kingdom.

Is the answer to how best to define avulnerable consumer really as simple as quoting the Financial Conduct Authority’s definition?