Supporting vulnerable customers in insurance

Supporting vulnerable customers

As a financial services professional, you will encounter customers in difficult circumstances – vulnerable customers. Your organisation has a responsibility to offer support to these customers and you play a vital role in providing that support to those customers.

The financial services industry has a responsibility to take extra care with customers who experience vulnerability. This is outlined in the Corporations Act (section 912A(1)), which specifies a general obligation to conduct activities efficiently, honestly and fairly. The Insurance Contracts Act also outlines the principle of Utmost Good Faith, which describes the way insurers must deal with their customers (section 13).

About our Supporting vulnerable customers in insurance module

Our Supporting vulnerable customers in insurance module  is part of our regulatory compliance and conduct learning. Contextualised for Financial Services and whole of organisation training.

Learn how to identify customers experiencing vulnerability, and find out how you can aid them personally and connect them with additional support services.

Note: This module is intended for people working in the insurance sector.

The relevant laws and regulations governing these requirements are:

Program Content

  • Your role in supporting vulnerable customers
  • Recognising vulnerability
  • Responding to your customer’s needs
  • Directory of consumer support services

Learning Outcomes

  • How to identify vulnerable customers
  • What obligations your organisation and you have under consumer credit laws and industry codes
  • Ways you can support vulnerable customers
  • Additional support services vulnerable customers can be referred to.

What you will learn

Who is this course for?

  • Any financial representatives who must be trained to adhere to financial services-specific regulation and industry codes with respect to conduct.

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

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A simple enterprise-wide solution for a complex world of regulation.

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Frequently Asked Questions

Our general corporate compliance training contains a suite of engaging online modules designed to make employees aware of their responsibilities and feel empowered to uphold the conduct and regulatory standards applicable to their organisation. A general compliance module – refers to a corporate e-learning course designed to meet specified organisational, legislative and/or conduct requirements.  

The team at FEP understands that effective compliance training is not just about delivering regulatory content; it's about creating learning that is engaging, relevant and impactful for organisations and their employees. We design training experiences that resonate with individuals, ensuring they gain practical knowledge and skills that are immediately applicable to their roles.
What is RG206?2023-04-21T07:53:53+10:00

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act). Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).

ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.

Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.