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Vulnerable client best practice high on agenda

29 September 2020

The overwhelming majority of advisers want to learn how to implement best practice when it comes to dealing with vulnerable clients, new research has shown.

According to a survey by retirement specialist Just Group, 91% of advisers were interested in learning about practical ways to improve their understanding and processes, with 98% of advisers believing it is important to keep up to date with developments in the vulnerability agenda.

Just Group said there was a shifting preference towards digital support in this area with online training modules, videos, podcasts, webcasts and downloadable literature considered the most useful sources of information.

The FCA has placed heavy emphasis upon the need to treat vulnerable customers fairly and is currently in consultation about further guidance for firms.

Stephen Lowe, group communications director, Just Group (pictured), says: “Vulnerability is a growing element in financial intermediaries’ work, underpinned by the FCA’s ongoing activity in this area.

“Intermediaries clearly recognise the significance of keeping up to date with developments on this topic and are looking at practical ways in which they can improve their understanding and processes. Whether that is by watching videos, participating in online training modules or reading up on the topic, there is a healthy appetite among advisers to better understand and help vulnerable customers.”

Since Just Group launched its own interactive computer-based training module in partnership with SOLLA last June to help the advice sector understand the issues of vulnerability, nearly 5,000 financial intermediaries have registered, the firm said.

Lowe adds: “Our training module has been met with enthusiasm and has received great feedback. It has given advisers and paraplanners a practical way to improve their comprehension of the important issue of understanding vulnerable customers.”

Professional Paraplanner