New vulnerable consumers standard ensures everyone gets a fair deal

Have you ever tried switching bank accounts online, only to end up feeling confused by the technology? Any situation in which an individual may be unable to engage fully or effectively in a market is considered consumer vulnerability read more here and watch the video. Protecting the most vulnerable people in society falls not just to government but to the organizations and businesses they need to interact with.  

The new standard, ISO 22458 Consumer vulnerability, will be particularly beneficial to those organizations providing essential services or operating in markets where significant harm and detriment can be experienced by consumers, such as utilities, financial services, transport but also government and public services.

CFA supports a representative to the Standards Australia mirror committee CS-311 Vulnerable consumers and as a Registered Australia Expert for ISO PC 311 Vulnerable consumers which developed the standard. Find out more about the CFA Standards Project. CFA proposed the work for Australia to participate in the development of the standard and resulted in Standards Australia engagement on the international committee.

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