Financial Awareness for Customers in a Vulnerable Position

Throughout the COVID-19 pandemic, the IBCB highlighted the needs of vulnerable customers. Some, who experienced vulnerability prior to the pandemic faced an exacerbation of their circumstances and a significant number of bank customers have experienced vulnerability because of the impact of the virus on their health or financial circumstances. The IBCB highlighted steps taken by member banks and the banking industry to provide systemic payment breaks, followed by a range of solutions to customers experiencing difficulty in making loan repayments. We also highlighted positive steps taken by member banks to provide additional supports for customers in a vulnerable position, with specific times available for branch banking, dedicated phone lines, companion cards and other supports. In addition, we have promoted campaigns aimed at reducing financial abuse and fraud.

During 2020, we contributed to consultations related to aspects of supports for customers in a vulnerable position. In May 2020, we responded to the Law Reform Commission’s Issues Paper on ‘A Regulatory Framework for Adult Safeguarding’. The IBCB response focused on financial abuse which impacts on bank customers, bank staff, and institutions. The categories of financial abuse raised in the issues paper include thefts and scams, financial victimisation, coercion, signs of possible financial exploitation, and money management difficulties. These are issues which are also of concern to the banking industry, and all IBCB member banks have existing services in place to protect and support customers who may experience financial abuse.