Vulnerable Customer Policy

Effective Date: December 23, 2024

Review Date: December 23, 2025

Cheshire Cycles Vulnerable Customer Policy

Purpose

At Cheshire Cycles, we are committed to treating customers in vulnerable situations with fairness and care, in line with our legal and regulatory obligations. We understand that vulnerability can affect anyone at any time and may impact a customer’s ability to make informed decisions, access our products and services, and achieve positive outcomes. Our goal is to identify and support vulnerable customers by providing tailored assistance that meets their needs.

Scope

This policy applies to all Cheshire Cycles employees, business areas, and relevant third parties who interact with our customers, either directly or indirectly. It covers all aspects of our customer relationships, including sales, customer service, complaints, and feedback management.

Definition

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.” Vulnerability may arise from various factors, including but not limited to:

  • Health: Physical or mental health conditions, disabilities, cognitive impairments, etc.
  • Life Events: Bereavement, divorce, job loss, etc.
  • Resilience: Low income, debt, financial difficulties, etc.
  • Capability: Limited literacy, numeracy, digital skills, or language barriers.

We recognise that vulnerability may be temporary, sporadic, or permanent, and customers may not always disclose their situation. Our staff will be trained to recognise potential signs of vulnerability and respond appropriately.

Policy Requirements

To support vulnerable customers effectively, Cheshire Cycles has established the following key commitments:

  • We will conduct ongoing research and analysis to understand the needs of our customers, including those who may be vulnerable.
  • Where possible, we will design and offer products and services that are accessible, inclusive, and flexible, ensuring that vulnerability does not negatively impact customer outcomes.
  • Our staff will receive training to identify and respond to vulnerability with empathy, sensitivity, and respect.
  • We will communicate clearly and effectively with customers, using their preferred method and format whenever possible.
  • We will provide a range of support options, such as flexible payment plans, specialist staff, and reasonable adjustments.
  • We will regularly monitor and review our processes to ensure we are meeting the needs of vulnerable customers, using feedback from customers, staff, and stakeholders to drive improvements.
  • For significant financial decisions, we will ensure that consent is obtained in a clear and easily understood manner.

Monitoring

When applying this policy, we will:

  • Accurately record relevant customer needs to ensure ongoing support is provided efficiently, consistently, and fairly.
  • Document any necessary steps taken to support the customer’s needs.
  • Record the outcome of interactions with vulnerable customers.
  • Ensure that all staff are aware of and have access to the systems required for recording and managing this information.
  • Maintain secure and compliant systems for handling customer data.

Review

This policy will be reviewed annually or sooner if legislative, regulatory, or business changes require it. Additionally, feedback from customers and stakeholders will be considered to ensure continuous improvement.

Additional Information

As a consumer, you have rights under the Consumer Rights Act 2015 when purchasing goods, services, or digital content from Cheshire Cycles. The Act ensures that products must be of satisfactory quality, fit for purpose, and as described. If a product is faulty or not as described, you have the right to:

  • Reject the product within 30 days for a full refund.
  • Request a repair, replacement, or refund within six months of purchase.

If you are not satisfied with a purchase, you may return it within 30 days of delivery for a full refund or exchange, provided the item is in its original condition and packaging. Please contact us before returning any items. For full details, please refer to our Returns Policy.

Review Schedule: This policy will be reviewed annually or sooner if required by regulatory changes.

Policy Approval:

Mike Carlin, Owner

Date: December 24, 2024