Financial Vulnerability Charter 

NM Finance are pleased to announce our commitment to the Financial Vulnerability Charter, created by the Financial Vulnerability Taskforce an independent representative body whose purpose is to promote greater understanding, encourage appropriate behaviours and establish good practices in respect of consumer vulnerability.

A safe pair of hands when you need them most.

Vulnerability is something that can affect us all; through unexpected events such as illness, loss of employment, divorce or even the sudden acquisition of wealth through inheritance or a lottery win. While some health issues can lead to permanent vulnerability, fortunately in most cases it is a temporary phenomenon.

But when it happens, you need to be assured that the professionals who support you fully understand its consequences and how best to continue to provide the highest quality service in these changed circumstances.

As professionals working in UK retail finance we have committed to the following statements:

1. MAKING OUR SERVICES EASIER TO UNDERSTAND

Recognising that many consumers may find it difficult to understand many of the technical and specialist concepts and terms used by professional services, we will take extra care to explain things in an accessible way. We will only proceed once we are satisfied, that you fully understand the implications of the service or advice being given.

2. PLACING YOUR INTERESTS ABOVE ALL ELSE

At all times your needs will take priority over the financial interests of our firm and we will always use all reasonable endeavours to provide you with an appropriate, personalised service that takes into account your personal situation and any vulnerable circumstances.

3. MAKING OUR SERVICES AND THEIR COST TRANSPARENT

We will ensure that you understand the total cost and nature of our services before, during and after any agreement to deliver them.

4. UNDERSTANDING HOW YOUR CIRCUMSTANCES MIGHT MAKE YOU VULNERABLE

We understand that vulnerability can be physical, mental, emotional or simply the result of a lack of understanding. Being dynamic in nature, it may be short-lived or longer term, sometimes permanent, transient, recurring or fluctuating over time and may be hidden. We will act appropriately and with sensitivity at all times.

5. NOT MAKING ANY ASSUMPTIONS ABOUT YOU

All clients will be treated fairly, regardless of their identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief and we will guard against making any assumptions about you.

6. NOT LABELLING YOU

Using appropriate language is important. For example, as adopters of the Charter we recognise that vulnerability relates to circumstances and not to a category of person and will not seek to label you as a vulnerable person but someone who is currently in vulnerable circumstances.

7. DEALING WITH YOU SENSITIVELY

We understand that people in vulnerable circumstances are often unaware of their vulnerability and, where they are aware, might not acknowledge it nor wish to be described as vulnerable. We therefore acknowledge a heightened professional obligation towards those in vulnerable circumstances and the need for raised awareness, greater sensitivity, and additional technical competencies.

8. ADAPTING PROCESSES AND MAINTAINING YOUR CONFIDENTIALITY

If you are considered to be in vulnerable circumstances, you will be encouraged to recognise them, safe in the knowledge that business processes and professional services will be adapted where necessary to ensure that you do not suffer detriment at any point.

You can also expect outcomes to be achieved that are at least as good as for those who are not in vulnerable circumstances.

We will also maintain confidentiality and ensure behaviours are fully compliant with all relevant legislation.

9. ENSURING STAFF ARE KNOWLEDGEABLE AND APPROPRIATELY TRAINED

We will make sure all members of our firm deal compassionately, empathetically and effectively with those in vulnerable circumstances by raising awareness of vulnerability within our firm and by providing appropriate training in supporting those in vulnerable circumstances.

10. TAKING APPROPRIATE ACTION IF YOU ARE IN HARM’S WAY

In those rare situations where it is recognised that a client in vulnerable circumstances may be in immediate danger of significant abuse or harm, or may need immediate support, we will take action to mitigate the risks they face including contacting the appropriate authorities if necessary. Examples of abuse or harm include coercion and control from a third party and scams.

Find out more about the Financial Vulnerability Taskforce at www.fvtaskforce.co.uk