"By helping advisers engage diverse communities in their native languages, solutions such as this support consumers to be communicated with fairly and consistently."
- Keith Richards, CEO of the Consumer Duty Alliance
In 2021, 880,000 people in England & Wales reported that they speak little or no English, highlighting the need for inclusive communication about financial products. The most common languages submitted were Polish, Romanian, and Punjabi.
SM Advice’s multilingual service includes 1k+ languages (factoring in various local dialects), allowing clients to connect authentically with consumers for whom English isn’t necessarily their first language.
The service enables clients to effectively engage with underserved communities by creating, branding, and posting social media content in multiple languages whilst remaining compliant with the Financial Conduct Authority’s (FCA) regulations.
“As advisers (and firms) seek to expand their reach and support underserved communities, our service provides an end-to-end solution that ensures not only regulatory standards but allows advisers to engage with multilingual audiences in a meaningful way,” explained Setul Mehta, Founder of SM Advice.
He said: “Through my wider industry roles, I have long advocated not just the reduction of the advice gap but for reducing financial exclusion by supporting underserved communities in accessing advice. This service removes one more barrier by ensuring clear, accessible communication.”
Reacting to the launch, Johnny Timpson OBE said “Both as a Financial Inclusion Commissioner and Chair of an insurance brokerage serving consumers for whom English isn’t necessarily their first language, embracing innovative solutions that improve financial inclusion in underserved markets is essential.
“SM Advice’s multilingual social media service exemplifies this approach, leaving no client behind by promoting not just inclusivity but further demonstrating that Consumer Duty isn’t about standing still, it’s about evolving and embedding the right practices continually.”
From experience, Bijo Kurian, Director at Kurians Financial Consultants, highlighted that “Utilising SM Advice’s foreign language service has enabled clients to reach out starting from a place of comfort and understanding – the value and support needed for those whom English isn’t their first language exists, and I’m delighted we’ve found a solution that works.”
“Clear, accessible communication is at the heart of Consumer Duty. Financial advice should be inclusive; language should never be a barrier to understanding. By helping advisers engage diverse communities in their native languages, solutions such as this support consumers to be communicated with fairly and consistently,” concluded Keith Richards, CEO of the Consumer Duty Alliance.
