- Ensure that staff have sufficient knowledge about cancer, as well as general vulnerability training, to meet the needs of their customers with cancer.
- Ensure that people are aware of, and referred to, specialised support where this is available.
- Increase their focus on the early identification of people affected by cancer and the development of early interventions to support them.
- Develop new flexible policies and processes to help people affected by cancer manage mortgage repayments and other credit commitments.
- Invest in communications to their customers to increase awareness of - and confidence in - the support available, to encourage them to disclose a cancer diagnosis to their bank.
- Evaluate and monitor the effectiveness of interventions designed to support vulnerable customers and share best practice to improve sector-wide consistency.
In The Balance
In June 2017, we published In The Balance [PDF, 3MB]. It outlines the banking sector's vital role in helping people to cope with the financial impact of cancer. In it, we make a number of calls on the banking sector to improve the support provided.
Working with the banking sector
In recent years, we have seen a genuine commitment to progress in the banking sector. We have also worked with banks and building societies to help them improve the service they offer to customers affected by cancer. This includes our work with Nationwide Building Society to develop a Specialist Support Service for customers with cancer, and with Lloyds Banking Group to establish a Cancer Support Pilot.
But we know that more still needs to be done to ensure that all people affected by cancer get the support they need from their bank. The banking sector’s huge reach presents a unique opportunity to help people cope with the financial impact of a cancer diagnosis and treatment, and the time to act is now.
What needs to happen
We are calling on banks, industry bodies, the FCA and the Government to each play their part by making the changes to better support people with cancer. Working together to raise industry standards and increase trust, we can get the balance right; so that people feel confident to ask for support and banks are able to provide it.