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Vulnerable client resource launched by support company

17 June 2020

SimplyBiz has rolled out a suite of online resources to help its member firms understand how to work with vulnerable clients.

The hub, which is available to all SimplyBiz’s advisers and brokers, focuses on three different components; training and awareness; guidance and documentation; and solutions.

In addition, member firms will be able to access a directory of specialists and charitable organisations and a forum in which advisers can discuss best practice, challenges and frequently asked questions.

The launch of its hub will be the cornerstone for SimplyBiz’s existing and future work around vulnerable clients. It follows a series of one-hour workshops at its Learning and Development events, with the firm planning to run dedicated training workshops on working with vulnerable clients in August.

Janice Laing, responsible for leading the group’s work on vulnerable clients, said that despite growing awareness, addressing customer vulnerability can be a “difficult area” for advisers and brokers.

Laing said: “We are providing support on not only the regulatory requirements of working with vulnerable clients but also providing tools, interactive training and material to help our member firms grow their understanding of types of vulnerability and how to recognise and address vulnerability, as well as work with these clients, in practical terms.

“In addition to expertise within the group, we are working with both our partners within the industry and external charities and specialists to ensure we are delivering the most informed and valuable insight possible through the hub.  Support around vulnerable clients remains a priority for the Group and over the next few months we will be providing focussed campaigns on bereavement, later life, mental health and domestic abuse through financial coercion.”

Professional Paraplanner