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Consumer Vulnerability in Later Life training sees huge uptake

21 March 2021

An estimated 6,500 people have registered for the interactive training module Consumer Vulnerability in Later Life, developed by Just Group and SOLLA.

So far, 1,087 have already registered for the updated 2021 module and 806 have gone on to pass the test and qualify for the certificate, the retirement specialist said.

Demand for the training module has risen following the FCA’s final vulnerability guidance, with new users up 64% in two weeks and returning users up 57% following the regulator’s guidance.

The revised training covers how the Covid-19 pandemic may affect clients with more people expected to become vulnerable due to factors such as bereavement, financial pressures or ill-health.

A new section was also added on cognitive decline and its interaction with vulnerability.

Research conducted for the FCA Financial Lives Survey revealed that more than half (53%) of UK adults showed characteristics of vulnerability, but nearly three quarters of those people do not see themselves as vulnerable.

Advisers who successfully complete the training gain the Certificate in Consumer Vulnerability in Later Life and 60 minutes CPD.

Stephen Lowe, group communications director at Just Group, said: “It’s great to see that our revised module has been received so well with many new users and a significant number returning to ensure they stay up to date on this important issue.

“For first time users, the module provides a great overview of the issue of vulnerability, how this will affect their clients and how they need to respond. Those who completed the original module will find a general refresh useful, but in particular the updates relating to Covid-19 and cognitive declines – especially in light of the updated guidance from the FCA.”

Robin Melley, chartered financial planner at Matrix Capital Limited, commented: “Vulnerability is an incredibly important issue for the financial advice profession, particularly in how it recognises and treats clients in vulnerable circumstances. The way in which we, as professional practitioners, deal with vulnerability will determine whether the profession as a whole is viewed as a safe pair of hands in society. High-quality training modules like this one alongside initiatives such as the Financial Vulnerability Taskforce will help us achieve this.”

Professional Paraplanner