Vulnerability

How Snap Finance Can Support Vulnerable Customers

At Snap Finance we consistently strive to support all of our customers in the best way possible. Any of Snap Finance's customers who may be considered vulnerable should have access to the support they need. The term ‘vulnerable’ can mean many things but the Financial Conduct Authority’s definition is: “A vulnerable consumer is someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.” Things such as poor physical or mental health, a disability, low literacy or even a life event such as a divorce or a death can all make someone vulnerable in the short or long term. Any of these can affect a person's ability to confidently access financial services, make an informed decision about their finances or even manage their debt properly. 

Snap Finance's Approach to Supporting Vulnerable Customers

Snap Finance is a point-of-sale finance provider in the UK, and we recognise the importance of supporting vulnerable customers. We have implemented several strategies to ensure any vulnerable customer receives appropriate care and assistance. 

1. Tailored Communication: Snap Finance ensures it provides clear, simple and empathetic communication. All information is accessible and understandable. This includes using simple language, offering multiple communication channels (text, email, call) and providing support for customers with specific needs, such as those with hearing or visual impairments. 

2. Staff Training: Here at Snap Finance, we undergo regular training to identify signs of vulnerability to ensure we respond appropriately. It includes understanding several types of vulnerabilities, recognising potential signs, and knowing how to offer support effectively. 

3. Personalised Support: We offer personalised financial solutions tailored to the unique circumstances of each customer. This includes flexible repayment options, tailored financial information, and proactive outreach to help before financial issues escalate. 

4. Partnerships with Support Organisations: We collaborate with various support organisations such as StepChange to provide comprehensive assistance to customers who may be vulnerable. These partnerships enable customers to access additional resources, such as debt counselling, mental health support, and legal advice. 

5. Fair Treatment Policies: Snap Finance is committed to fair treatment of all customers, ensuring that vulnerable individuals are not subjected to unfair practices or discrimination. This includes transparent policies, ethical lending practices, and a focus on customer well-being over profit.

6. Feedback and Improvement:Snap Finance actively seeks feedback from customers, including from those identified as vulnerable, to continually improve our services. This feedback loop ensures that we remain responsive to the ever-changing needs of our customers and adapts our practices accordingly. 

The examples below offer some information on how we might be able to support our customers: 

Example 1: A customer experiencing job loss was provided with a temporary pause in their payments (breathing space hold) and details of how to access financial support, helping them navigate their situation without additional financial stress. 

Example 2: An elderly customer with limited digital literacy received personalised phone support from our Specialist Support Team to manage their loan, ensuring they could access the necessary services without navigating complex online platforms. 

Example 3: Where a customer made us aware of their mental health issues which made it difficult for them to communicate on the telephone, our Specialist Support Team ensured they would only be contacted in writing.  

Supporting vulnerable customers is not just a regulatory requirement, it is a crucial part of how Snap Finance deals with its customers every day. Snap Finance's comprehensive approach to identifying, supporting, and empowering vulnerable customers sets a strong example in the industry. By prioritising empathy, personalised support, and ethical practices, Snap Finance demonstrates its commitment to ensuring that all customers, regardless of their circumstances, have access to fair and supportive financial services. 

If you are a new or existing customer experiencing difficult circumstances, you can email us here supportteam@snapfinance.co.uk or call us on 03308 186738. You can also text us by sending an SMS here 07860 078257. 

For more information on Financial Services and Vulnerability, you can read the FCA’s expectations and thoughts here https://www.fca.org.uk/news/news-stories/review-firms-treatment-customers-vulnerable-circumstances.