"Our ‘vulnerability champions’ have put in a lot of effort over the past few months to produce a website that goes beyond how to identify consumer vulnerability."
Last year, the FCA’s Financial Lives Matter survey found that nearly half of UK adults showed one or more signs of vulnerability.
Following the pandemic, it is likely those classed as vulnerable will have increased not only with customers, but with advisers too. Further vulnerabilities are likely come to the forefront as we see an increase in living costs affecting hundreds of thousands of people in the coming months. Furthermore, fraudulent financial scams are on the rise creating more hurdles for many.
The new hub will aid members in not only recognising and supporting vulnerability in their customers but it also provides a wealth of resource to address their own wellbeing alongside the network’s new ‘Time to Talk’ feature where members can seek a safe space to discuss their own mental health and wellness.
Tools on offer for members of the network include training for principals and their advisers in identifying and supporting vulnerable customers. Plus, new resources on offer in the form of guides, webinars, FCA guidance, video introductions and support facilities, will enable the members to have a new central location to access the content and signposting, on-demand.
The network also has a team of appointed ‘Vulnerability Champions’ from all departments who are in situ to help members in addressing customer vulnerability and their own wellbeing needs, should they need that support.
Ben Allen, compliance director at The Right Mortgage, said: "I am proud that we continue to review our guidance and support to network members around the topic of vulnerability. Our ‘vulnerability champions’ have put in a lot of effort over the past few months to produce a website that goes beyond how to identify consumer vulnerability. It seeks to provide guidance on how to support consumers and our advisers too."
