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Rapyd UK Vulnerable Customers Policy - Valitor Ltd

1. Objective

Valitor Limited (hereinafter Valitor or The firm) recognizes the importance of ensuring that vulnerable customers are treated fairly and appropriately. This Vulnarable Customer Policy (hereinafter Policy) outlines the measures the firm will take to identify and support vulnerable customers and to ensure that they are not put at a disadvantage.

2. Scope and application

This Policy applies to services that fall under the e-money license of Valitor. The aim of Valitor is not only to comply with relevant legal requirements, but also to mitigate and reduce the potential risk to Valitor of non-compliance with regards to the relevant rules and regulations that apply to business operations. 

3. Governance 

The Board of Directors has the overall responsibility for Vulnerable Customer Policy and procedures at Valitor. 

4. Definitions

For the purposes of this Policy, a vulnerable customer is defined as a person who, due to their personal circumstances, is especially susceptible to harm, disadvantage, or exploitation. Examples of vulnerable customers may include, but are not limited to, those with mental health issues, physical disabilities, learning difficulties, or those experiencing financial hardship.

5. Identifying vulnerable customers

The firm will take steps to identify vulnerable customers by:

  • Training our staff to recognize the signs of vulnerability and to be aware of the specific needs of vulnerable customers.
  • Regularly reviewing our customer data to identify patterns or trends that may indicate vulnerability.
  • Encouraging customers to self-identify as vulnerable and providing appropriate support.

6. Providing support for vulnerable customers

We will provide appropriate support for vulnerable customers by:

  • Offering tailored guidance and assistance to help them understand our services and products.
  • Providing clear and accessible information about our services and products, including any potential risks or limitations.
  • Providing extra time and support for vulnerable customers to make decisions.
  • Offering alternative communication methods for those who may have difficulty using our standard channels.
  • Referring customers to external support services where appropriate.

7. Training and support for employees

The firm will provide regular training and support for our staff to ensure they are able to identify and support vulnerable customers effectively. This will include:

  • Training on recognizing signs of vulnerability and how to communicate effectively with vulnerable customers.
  • Providing staff with access to resources and guidance on how to support vulnerable customers.
  • Encouraging staff to report any concerns they may have about a customer’s vulnerability.

8. Review 

This Policy must be reviewed by Valitor Compliance at least annually. Any changes to the Policy must be approved by the Board of Directors.