The Chartered Institute for Securities and Investments (CISI) has developed an online e-learning course to help advisers understand the needs of vulnerable customers.
The industry body said the course will deepen advisers’ knowledge of the FCA requirements and the Financial Planning Standards Board guidance and follows the watchdog’s consultation paper on prioritising the needs of vulnerable customers.
According to CISI, the new online unit will help identify vulnerable customers and explain the required practices and guidance which are necessary for firms to demonstrate their duty of care. It consists of a 120-minute series of modules, followed by a 30 question multiple choice test with a 73% pass mark. It is available to both CISI members and non-members, the organisation said.
Simon Culhane, CEO, CISI (pictured), said: “The FCA undertook its Understanding UK Financial Lives survey in 2017 which indicated that 50% of UK adults display one or more characteristics that signal their potential vulnerability. In its latest consultation the FCA has broadened the categories which are sources of vulnerability and defined them as health, resilience, life events, and capability.
“Our new online course has been developed to support our profession and to help practitioners understand the entire range of social demographics which encompass this important vulnerable customer category, with challenges on how to assess and cope with the risks involved.”
