Vulnerable Persons Policy

This policy outlines the guidelines for which Master Builders Insurance Services may manage vulnerable customers.

All staff members who deal directly with Master Builders Insurance Services customers, regardless of department or position, are required to familiarise themselves with this policy and ensure they understand their obligations. In this policy, vulnerable customer refers to both an existing and prospective customer.

Vulnerable customers

A vulnerable customer is defined as someone who has personal circumstances that place them at a higher risk of detriment, particularly if a company does not act with the appropriate level of care. The risk factors that contribute to a customers vulnerability in financial services include:

• An individual or group subjected to family violence (physical violence, emotional abuse, psychological abuse, sexual abuse, financial or economic abuse and damage to property.
• Low literacy, numeracy and financial capability skills
• Physical disability
• Severe or long-term illness
• Mental health problems including common mental disorders (CMD)
• Low income and/or debt
• Caring responsibilities (including operating a power of attorney)
• Being ‘older old’ for example over 80, although this is not absolute (may be associated with cognitive or dexterity impairment, sensory impairments such as hearing or sight, onset of ill health, not being comfortable with new technology)
• Being young (associated with less experience)
• Change in circumstances (e.g. job loss, bereavement, divorce)
• Limited English proficiency, and
• Non-standard requirements or credit history (e.g. armed forces personnel returning from abroad, ex-offenders; carehome leavers, recent immigrants).

Master Builders Insurance Services has a long-standing commitment to conducting its business with honesty and integrity and remains committed to full compliance with the Insurance Brokers Code of Practice and informing customers, employees, distributors and service suppliers about information and assistance available to vulnerable people, including those experiencing financial hardship and family violence.

Helping customers

We will be flexible and vary our approach based on a customers individual circumstances, including providing personalised support. Master Builders Insurance Services can assist vulnerable customers by:

• Ensuring safe and confidential communication considering individual circumstances.
• Helping to set up new insurance policies
• Helping to arrange access to financial hardship assistance, and
• Providing referrals to specialist support services.

Our employees

Our employees are trained so that they can deal appropriately and sensitively with vulnerable customers. We are committed to training our employees to help them:

1. Understand if a customer may be vulnerable
2. Determine how best to support a vulnerable customer
3. Take account of a customer’s needs or vulnerability, and
4. Engage with a vulnerable customer with sensitivity, dignity, respect and compassion. This may include arranging additional support and referral to specialised services.

Privacy

We recognise that ensuring customers personal information is kept private and secure is essential. At all times, we will ensure customers personal and sensitive information is treated with confidentiality. For further information please refer to our Privacy Policy.

Support services

In supporting vulnerable customers, we may provide referrals to any of the following specialised services or other providers as may be appropriate to the circumstances.