A new training package has been launched to help financial advisers, consultants and paraplanners identify and work with more vulnerable clients.
This is an online module being offered via the Society of Later Life Advisers (SOLLA) and retirement specialist Just Group. Their online training is already used by more than 10,000 financial professionals.
This update, which includes this new module, covers the latest FCA guidance around firm’s treatment of vulnerable customers and how those who fall into this group – either economically or for health reasons – have been impacted by the pandemic.
It also offers practical approaches to help financial professionals give clients the best possible advice experience. The modules aims to challenge preconceptions around vulnerability and encourage the idea that identifying client vulnerability is everyone’s responsibility.
It also highlights how individuals and firms can meet the FCA requirements and embed an effective vulnerability policy.
Recent research from Just Group found that 69 per cent over-45s said they had personally experienced situations which they acknowledged could cause financial vulnerability of whom 30 per cent admitted their ability to absorb information and make decisions was negatively impacted due to those circumstances.
Just Group group communications director Stephen Lowe says: “The ability to recognise and engage with people exhibiting characteristics of vulnerability remains a core focus for advisers, para-planners and other financial professionals, as well as the FCA.
“The continued evolution of our training reflects this progressive agenda and aims to support intermediaries in keeping up to date with the latest thinking and guidance in the area.”
Tish Hanifan, SOLLA’s founder and joint chair adds: “We believe these latest updates will provide intermediaries with more precise guidance on their responsibilities to vulnerable clients, the latest FCA direction of travel and debunk some misconceptions.”