The Chartered Insurance Institute has published guidance for insurance and personal finance firms on managing customer vulnerability data.
The guidance, dubbed The Data Privacy for Customers in Vulnerable Circumstances guide, seeks to clarify how to manage customer vulnerability data and remain compliant with Consumer Duty and GDPR. Firms may use the guidance for knowledge on how to collect, store and use vulnerability-related information responsibly, according to the institute. According to the CII, there are three purposes for processing vulnerability data: Providing appropriate support and preventing harm Meet reporting requirements Drive product and service improvements In its statement the CII said that...
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