VOLT Bikes Vulnerable Customer Policy

VOLT Bikes has a Vulnerable Customer Policy which is designed to ensure that the way in which we conduct our business does not have a detrimental impact upon vulnerable customers. For the purposes of this policy, vulnerable customers are customers and prospective customers whose ability or circumstances require us to take extra precautions in the way that we sell and provide our services to ensure that they are not disadvantaged in any way.

Who are considered vulnerable customers?

The Financial Conduct Authority (FCA) defines a vulnerable customer as “someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”

The FCA expects firms like ourselves to treat all our customers fairly and when dealing with people with vulnerable circumstances to take account of such vulnerability to ensure that the way that we sell and provide our services does not cause them detriment.

Identifying a vulnerable customer

Our staff are trained to identify vulnerable customers and to provide the additional level of assistance they may require in order to achieve a good outcome. However, it is not always easy to recognise these characteristics. Therefore, please let us know as soon as possible of any needs you may have, or any ways we can help. It really helps if you do this when first contacting us.

Our teams have access to FCA guidance (https://www.fca.org.uk/publication/finalised-guidance/fg21-1.pdf). We also ask everyone to complete a training module identifying vulnerable customers and then pass a test on how best to treat them.

Examples of vulnerable Customers

We recognise that certain groups of customers may be vulnerable. Whilst not all customers in these groups may be vulnerable, we will consider a customer’s individual circumstances where a potential vulnerability is identified. These groups may include, but are not restricted to:

• Customers with communication difficulties (including learning difficulties and English not being their first language, dyslexia).
• A customer with a reduction in physical or mental capacity.
• Customer with health issues – illness, whether physical or mental illness, severe or long term.
• Customers with any form of disability.
• A sudden diagnosis of serious illness to the customer or close family member.
• Personal circumstances of the customer – factors such as financial difficulties, bereavement, caring responsibilities or redundancy.
• The customers age particularly older and younger people. For example, a younger person may be considered inexperienced and the older person may be less technologically able.

VOLT Bikes ’s commitment to engaging with vulnerable customers:

As soon we think we may be engaging with a vulnerable customer, whether this is through our own identification or you informing us, we will follow our 5 rules:

• Create extra opportunities for you to ask questions about the transaction, the information or service we are providing.
• Continuously seek confirmation that you have understood the information that has been provided.
• Take record of our interaction, and ensure that the process of engaging the guidelines of this policy is completely respected and adhered to.
• If we feel necessary, we will ask if there is anybody with you who is able to assist, such as family member or friend. If not, and we believe this will be beneficial, we will make arrangements to continue with the subject matter at another time.
• We won’t rush you. We will offer you the opportunity to complete the transaction in your own time after a period of further consideration.

If we can’t help a vulnerable customer, we commit to taking measures beyond our standard processes, and assisting in pointing customers in the right direction if we can to find a suitable alternative solution.

If you are a vulnerable customer or you are aware of a person who you would recognise as vulnerable engaging with VOLT, please contact us and make us aware so we can do our best to provide any added support needed.