The Association of International Life Offices (AILO) has launched a Vulnerability Code of Conduct in a bid to evolve a consistent and strong approach across the industry.
The Code aims to help members develop greater insights into vulnerability, and how it impacts customers, AILO said in a statement on 25 May.
Mike Foxall, chair of AILO's Proposition and Customer Outcomes Committee, led the project to create the Code of Conduct.
He said: "It's a guide that will help members to evolve strong and consistent behaviours and enable firms to deal confidently with customer vulnerability. It's an issue of growing importance, especially since the publication of the FCA's Guidance on Treatment of Vulnerable Customers (FG21/1).
"In a world where every single one of us could be vulnerable tomorrow, our Code of Conduct is a demonstration of the cross-border life sector's commitment to protecting and supporting those who are vulnerable today."
In addition to the FCA's guidance, AILO took into account MiFID guidelines, and relevant regulatory developments in Europe and North America.
But, says Foxall, the most valuable resource was the widely respected Financial Vulnerability Taskforce (FVT) Charter.
Commenting on the AILO Code, FVT Chair Keith Richards said: "We welcome this development, especially because the Code is aligned with the statements in the Financial Vulnerability Taskforce Charter.
"It's encouraging to see trade organisations such as AILO showing leadership on this important issue and the Vulnerability Code of Conduct adds tangible support and professional standards value to its membership."
Bob Pain, AILO's CEO, congratulated Foxall and the Proposition and Customer Outcomes Committee team for their work on the Code of Conduct, and added: "This is an excellent example which shows how AILO is promoting best practice in our industry, and adding value for our members."
AILO's Vulnerability Code of Conduct includes a set of principles, plus a list of actions, processes, and behaviours.
