Credicorp

Vulnerable customer

A vulnerable customer is a person whose personal circumstances make them less able to engage with a financial relationship, or more susceptible to harm — for example through ill health, bereavement, a sudden change in circumstances, or financial difficulty. Vulnerability can be temporary or longer-lasting. Recognising it and responding with extra care is a core part of treating customers fairly.

What it means: Circumstances that reduce someone's ability to manage, or raise their risk of harm.
Common drivers: Health, life events, resilience, and capability.
The response: Extra support, flexibility, and a low-friction route to help.

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Identifying and supporting vulnerability

Supporting vulnerable customers begins with noticing the signs and listening. The right response is practical: flexibility on repayments, clear communication, and a route to help that does not put obstacles in the way of someone who is struggling. Where a customer is in difficulty, support should be easy to reach, not buried behind friction.

Our vulnerable-customers page How Credicorp, a UK business lender, supports customers going through a difficult time — vulnerability policy and support routes. Forbearance Forbearance is the temporary arrangements a lender offers a borrower in financial difficulty — such as reduced or paused payments — to help them recover… Responsible lending Responsible lending means lending only what a business can sensibly handle, being clear about cost, and supporting borrowers in difficulty. Credicorp… Payment holiday A payment holiday is a temporary pause or reduction in repayments agreed with a lender to help a borrower through a difficult period. It is a form of… Arrears Arrears are payments that a borrower has missed and not yet made up — money that is overdue under a credit agreement but has not yet reached the threshold… Companies House Companies House is the UK's registrar of companies. It incorporates and dissolves limited companies and LLPs, and maintains the public register of company… FSMA RAO (Regulated Activities Order) The FSMA Regulated Activities Order defines which financial activities are regulated in the UK. Articles 60B and 60L set the consumer-credit perimeter and… Limited liability Limited liability means the owners of a company or LLP are not personally responsible for its debts beyond what they have agreed to contribute — their… UK GDPR UK GDPR is the United Kingdom's General Data Protection Regulation — the retained version of the EU GDPR — which governs how organisations, including… Covenant A covenant is a promise or condition in a loan agreement that the borrower must keep. Breaching a covenant can be an event of default, even if payments… Business loan A business loan is borrowing taken out in the name of a company or LLP rather than an individual, repaid over an agreed term. Short-term business loans…

Vulnerability in business lending

Even though Credicorp lends to companies rather than to consumers, the individuals behind a business — its directors and owners — can experience vulnerability, and a business in difficulty can affect them personally. A good lender does not treat the corporate borrower as faceless; it responds to the people involved with the same care it would expect for anyone.