Just Group and SOLLA have launched the latest update to their comprehensive, online and free training module designed to help financial advisers, paraplanners and other colleagues in advice firms identify and work with vulnerable clients and their families.
Over 10,000 financial professionals have already used the online training and the update will:
· Address the latest FCA thinking covering guidance for firms on the fair treatment of vulnerable customers, and the economic and health impact caused by the pandemic;
· Provide highly practical approaches to help financial professionals give clients the best possible advice experience;
· Challenge preconceptions around vulnerability and encourage the idea that identifying client vulnerability is everyone’s responsibility; and
· Highlight how both individuals and firms can meet the requirements and responsibilities on them to embed an effective vulnerability policy.
Recent research from Just Group found that 69% over-45s said they had personally experienced situations which they acknowledged could cause financial vulnerability of whom 30% admitted their ability to absorb information and make decisions was negatively impacted due to those circumstances.
Stephen Lowe, group communications director at retirement specialist Just Group, said: “The ability to recognise and engage with people exhibiting characteristics of vulnerability remains a core focus for advisers, paraplanners 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, added: “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.”
