How can I protect my organisation’s reputation and comply with regulatory requirements
- Ensure each customer is treated with a context-sensitive engagement strategy including the reason for arrears and indicators of vulnerability. Make sure any digital contact system can provide space for customers to declare or indicate difficult circumstances so that the agent overview has the relevant information to decide the most appropriate treatment.
- Ensure you have a fully accountable and proveable audit history with every action on every account documented in one place and easily retrievable.
- Comply with affordability regulations by offering appropriate arrangements based on financial viability and customer circumstances.
- Help customers struggling to manage their financial situation by offering income and expenditure categorisation to be completed using Open Banking to make sure arrangements are realistic, fair and sustainable. Encourage customers to digitally engage regularly to ensure affordability stays up to date, anticipate changes and act promptly.
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