BRUCE is another useful acronym for identifying customers in vulnerable circumstances, it stands for the following: B – Behaviours and talk. R – Remembering. U – Understanding. C – Communicating.
What is Bruce acronym?
‘BRUCE’ stands for: Behaviour & Talk – are there any clues in the customer’s speech and behaviour? Remembering – are there any signs that the customer has difficulty with recall? Understanding – are there any signs that the customer is having difficulty understanding the information you are giving them?
What does the C in the Bruce model stand for?
Practice: identifying and supporting customers
BRUCE has been designed to remind staff of the key aspects of decision making (without having to memorise CONC, common law, or capacity law).
What is Bruce for vulnerable customers?
The BRUCE protocol can be used to both identify and help support young and elderly customers with decision making limitations. A physical disability can take many forms and you should always take a customer’s disability into account to provide the best possible support.
What are the four drivers of vulnerability?
Four categories of characteristics are considered to constitute drivers of financial vulnerability –poor health, impact of life events, low resilience and low capability [3] (Table 1) -with the latest report finding that 53% of UK adults show one or more of these characteristics [4].
What is Bruce Money Advice Trust?
The Money Advice Trust is a charity formed in 1991 to help people across the UK tackle their debts and manage their money with confidence.
What does carer drill stand for?
CARERS. This drill was developed to assist with handling disclosures from carers to ensure that helpful information is not lost due to staff concerns about data protection. • Check for authority. – if the carer can supply evidence of their authority to act on the customer’s behalf, a more.
What does Texas stand for FCA?
Empathy – your customers are human • Listen carefully for clues of vulnerability • The TEXAS steps: Thank, Explain, eXplicit consent, Ask, Signpost.
What does cared stand for in vulnerable customers?
BRUCE is another useful acronym for identifying customers in vulnerable circumstances, it stands for the following: B – Behaviours and talk. R – Remembering. U – Understanding. C – Communicating.
What 4 things must a customer be able to do when making a decision?
Four parts to a decision
Recall key information about the vehicle, contract arrangement or their own personal information. Evaluate (‘weigh-up’) any options or choices they have been given. Communicate any questions they have, and their final decision to go ahead with the purchase.
How many drivers of vulnerability are there?
Experiencing one or more of the 4 drivers doesn’t mean customers cannot achieve positive outcomes, they simply need more support to do so. To this end, the FCA Guidelines encourage organisations to understand and respond to the needs of their vulnerable customers.
What is mental capacity defined as in conc?
CONC 2.10.3G 01/04/2014. Mental capacity is a person’s ability to make a decision. Whether or not a customer has the ability to understand, remember, and weigh up relevant information will determine whether the customer is able to make a responsible borrowing decision based on that information.
What level of UK adults display one or more of the characteristics of being potentially vulnerable?
50%
Financial Lives Survey (July 2020, updated February 2021) showed that 50% of UK adults display one or more characteristics of being potentially vulnerable.
What type of vulnerability is dyslexia?
Dyslexia is a disability as defined in the Equality Act 2010. It is a combination of abilities as well as difficulties relating to the way an individual processes information that occurs to different degrees and in different forms, right across the population and regardless of socio-economic background.
What are the FCA principles?
The FCA’s 11 principles of business
- Integrity. A firm must conduct its business with integrity.
- Skill, care and diligence.
- Management and control.
- Financial prudence.
- Market conduct.
- Customers’ interests.
- Communications with clients.
- Conflicts of interest.
How do you deal with a vulnerable client?
How customer service staff can respond to distressed or vulnerable customers
- Practice empathy.
- Set expectations for the call.
- Ask about communication preferences.
- Practice active listening techniques.
- Speak clearly without being patronising.
- Validate the customer’s feelings but don’t react to them.
What is the overarching aim for the FCA when considering vulnerable consumers?
1.2 Ensuring consumers have an appropriate degree of protection is central to what the FCA does. This includes protecting vulnerable consumers. 1.3 We want vulnerable consumers to experience outcomes as good as those for other consumers and receive consistently fair treatment across the firms and sectors we regulate.
What does TX stand for finance?
It stands for: T Thank the client. E Explain how the information should be used. X eXplicit consent should be obtained. A Ask the client questions to get key information.
Who has produced a standard for inclusive service provision?
The result was British Standard BS 18477: 2010 ‘Inclusive service provision – Requirements for identifying and responding to consumer vulnerability’ (‘the Standard’).
What does the FCA’s guidance and thematic review on financial incentives apply to?
This section applies to firms with respect to credit-related regulated activity and unregulated activity that is financed by a credit agreement in respect of the firm which is carrying on consumer credit lending, or credit broking.
How should the amount of commission payable be disclosed to a customer?
The broker / retailer should disclose to the customer, prominently and in good time before the customer decides whether to proceed with their agreement, the existence and nature of any commission (or other remuneration) arrangement with a funder and how this may affect the amounts payable by the customer.
