The Association of International life Offices (Ailo) has published a code of conduct on how to deal with vulnerable clients.
The organisation said the code will help members develop greater insights into vulnerability and how it impacts customers.
This follows on from the Financial Conduct Authority’s Guidance on Treatment of Vulnerable Customers. Ailo said its code takes into account the FCA’s guidance, Mifid guidelines and regulatory developments in Europe and North America.
Mike Foxall, chair of Ailo’s proposition and customer outcomes committee, said: “It’s a guide that will help members to evolve strong and consistent behaviours and enable firms to deal confidently with customer vulnerability.
“It’s an issue of growing importance, especially since the publication of the FCA’s Guidance on Treatment of Vulnerable Customers. In a world where every single one of us could be vulnerable tomorrow, our code of conduct is a demonstration of the cross-border life sector’s commitment to protecting and supporting those who are vulnerable today.”
Keith Richards, chair of the Financial Vulnerability Taskforce, added: “We welcome this development, especially because the code is aligned with the statements in the Financial Vulnerability Taskforce Charter. It’s encouraging to see trade organisations such as Ailo showing leadership on this important issue and the Vulnerability Code of Conduct adds tangible support and professional standards value to its membership.”
