It’s a well-known fact that individuals who suffer from a hampered mental capacity - be it mental health or learning difficulties - are most likely to be vulnerable in our communities. They are also more likely to be victims of miss-sold products and services by companies, even though organisations that are providing financial products and services have a duty under the Financial Conduct Authority (FCA) to take extra care towards these individuals. This is what the FCA has to say about vulnerable customers: ‘ The vulnerability of the customer, in particular where the firm understands the customer has some form of mental capacity limitation or reasonably suspects this to be so because the customer displays indications of some form of mental capacity limitation (see ■ CONC 2.10) But due to a culture of intensive selling to consumers, generated by employers placing and enforcing - often difficult and unrealistic - performance goals which are attached to tempting
My name: Ripon Ray. I am a consumer debt and welfare rights specialist. I have been an expert contributor on BBC Sussex, BBC Money Box, BBC London Radio and LBC. I trained London's Institute of Money Advisors, Trust for London grants managers, Positive Money campaigners on a number of money and welfare rights related issues. I specialise in universal credit and am a money trainer with the Money Advice Trust.
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