Consumer Protection Code – Vulnerable Circumstances
Consumers can find themselves in vulnerable circumstances for all sorts of reasons. These might include health issues, life events or lack of capability. Any circumstance that makes a consumer more prone to experiencing worse outcomes may make that person vulnerable. Individuals can move in and out of vulnerable circumstances because of a bereavement, a job loss, a relationship breakdown, ill health or other reasons.
Under the Consumer Protection Code, firms must take reasonable steps to support you in your dealings with them if you are in vulnerable circumstances, and they must have appropriately-trained staff in place to do so.
If you are in vulnerable circumstances, firms are required to provide you with additional supports where and when you need them.
You can nominate a Trusted Contact Person to your financial services provider. This is someone a firm can communicate with if they have difficulty reaching or supporting you, or if they suspect you are the victim of financial abuse. It’s important to note that the Trusted Contact Person cannot make decisions on your behalf about your finances.
Do you worry about managing your finances alone?
You can nominate a Trusted Contact Person – someone you trust to help you engage with regulated banks and financial services firms.
It's completely optional. Both you and your contact person need to agree to it in writing. Your contact won't make decisions for you – they're just there to help.
Your firm might contact them if they're having difficulty reaching you, or if they are concerned about fraud.
It's your choice. Talk to your financial services firm today to find out more.
The Consumer Protection Code: For clarity, for informed decision-making, for you.
The Consumer Protection Code: For clarity, for informed decision-making, for you.
See also:
How can a Trusted Contact Person help you to manage your finances?
How can digitalisation of payments affect consumers in vulnerable circumstances?
Digital Products & Services.
Access the Consumer Protection Code regulations.
What the EAA means for consumers.