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. 

The Consumer Protection Code: For clarity, for informed decision-making, for you.

See also: