Helping clients in vulnerable circumstances
Why this matters
Recognising and supporting potentially vulnerable customers is more important than ever. This presents a significant challenge and opportunity for financial advisers.
When it comes to later life lending, our priority is more than meeting regulations it’s about making every interaction clear, empathetic, and accessible. By focusing on clients needs and building trust, we aim to deliver safe, good outcomes that truly support their financial wellbeing.
Things to consider:
Recognising vulnerability
There are many situations that may impair judgement and decision-making when understanding potentially complex financial products. Here are some of the vulnerability triggers you need to be aware of:
Health
- Physical disability
- Severe or long-term illness
- Hearing or visual impairments
- Poor mental health
- Low mental health
Life events
- Caring responsibilities
- Bereavement
- Income shock
- Non-standard requirements (care leavers, ex-offenders)
Resilience
- Low or erratic income
- Over indebtedness
- Low savings
- Low emotional resilience
- Lack of structure
Capability
- Low knowledge or confidence of financial matters
- Poor literacy/numeracy
- Low English language skills
- Poor digital skills
- Learning impairments
How to support vulnerable customers
Tips for best practice
We’ve put together some top tips to help you proactively identify any triggers of vulnerability throughout your advice process.
Supporting vulnerable customers: Marvi’s story
We spoke to one of our Senior Customer Service Agents, Marvi, to find out how her team provide support and safeguard our customers.
Lifelong support for your clients
Care Concierge service
Our Care Concierge service is designed to help older people and their families understand, find and fund later life care. This service is available to everyone, and your clients can access this support, whenever they need to.
Lasting Power of Attorney referrals
We’ve partnered with Co-op Legal Services to offer a telephone referral service for customers who have a need for a Lasting Power of Attorney. All our customers are eligible for a 10% discount on this service.
Helpful documents to share with your clients
Download and share our helpful guides with those of your clients who may require additional assistance when making big financial decisions.
