VULNERABLE CUSTOMERS POLICY

Boost Bike Hub Ltd has a Vulnerable Customer Policy which is designed to ensure the way in which it acts and conducts business does not have a detrimental impact upon vulnerable customers. Vulnerable customers are those whose ability or circumstances require us to take extra steps and precautions in the way that we sell and provide our services to ensure that they are not disadvantaged. 

WHO ARE CONSIDERED VULNERABLE CUSTOMERS? 

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 firm is not acting with appropriate levels of care.” Our promise is to treat all our customers fairly and when dealing with people with any vulnerability we will take account of such vulnerability to ensure that the way we sell and provide our services does not cause them detriment.

EXAMPLES OF VULNERABLE CUSTOMERS  

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 language barriers) or limits to their literacy and numeracy

  • customers with any form of disability  

  • personal circumstances of the customer – for example financial difficulties, redundancy, serious illness, bereavement, caring responsibilities, abuse 

  • the customer’s age - particularly older and younger people. For example, a younger person may be considered inexperienced, and the older person may be less technologically able 

  • anyone who suffers from stress, anxiety etc or anyone with a reduction in physical or mental capacity 

  • a customer with any illness, whether physical or mental.

  • a customer who may be incapacitated from sound judgement as a consequence of being under the influence of drugs or alcohol.

It is also worth noting that customers may not want the label ‘vulnerable’ applied to them and it may not be appropriate to use this label in our interactions with customers. We try to focus on what harm or disadvantage customers may be vulnerable to and how we can respond appropriately.

IDENTIFYING A VULNERABLE CUSTOMER 

Our shop should take steps to identify vulnerable customers and provide any additional level of assistance they may require. Although it may be apparent in some cases, it might not be easy to identify needs in others so, if you believe you meet the criteria of a vulnerable customer, please let us know as soon as possible of any needs you may have, or any ways we can help. It really helps if you do this when first contacting us. 

Our staff has access to the FCA guidance which they have discussed and understood. Any further questions they have are directed to the business owner/director. (https://www.fca.org.uk/publication/finalised-guidance/fg21-1.pdf). 

OUR COMMITMENT TO ENGAGING WITH VULNERABLE CUSTOMERS 

As soon we think we may be engaging with a vulnerable customer, either by identifying them ourselves or the customer themself has told us, we will follow our 5 rules: 

  1. we will provide extra opportunities for them to ask questions or seek further confirmation about the transaction or service we are providing

  2. we will continuously seek confirmation that they have understood the information and repayment details, especially in cases of customer finance applications for example  

  3. if we feel it necessary, we may ask if there is anybody who can assist them, such as a family member or friend

  4. we won't rush! We will always offer extra opportunities to complete a transaction after further consideration

  5. if, for some reason, we are unable to help, we commit to taking extra steps beyond our normal sales process to try and seek alternatives or point them to where they can best seek a solution.