Equity Release Council and Inclusive Outcomes have published a new report looking at how later life lending firms support vulnerable customers.
The report, ‘Later Life Lending and Customer Vulnerability’, found firms already use structured ways to spot vulnerability, including adding questions to fact-find processes and upskilling staff.
Annual e-learning, coaching and role-specific training are in place, and some firms use vulnerability champions to help teams and improve processes.
The report also found strong governance and clear escalation routes for complex cases.
The review said there were opportunities to improve how firms monitor and evidence customer outcomes, share data, and adapt customer journeys.
It encouraged firms to build vulnerability checks into product and service design and review them regularly.
Good practice strategies were set out using real-life case studies from advice firms and lenders, providing practical examples for others to follow.
The council plans to launch a toolkit, Safe Steps, in November 2025.
This will include guidance for different vulnerable circumstances, adviser prompts and real scenarios to help firms put best practice in place.
The aim is for customers to get trusted, tailored, transparent and thorough support.
Lauren Peel, senior partner at Inclusive Outcomes, said: “The Financial Conduct Authority believes that almost half of UK adults have at least one characteristic of vulnerability so it is vital that sectors and organisations really consider how they can best support their customers.
“Today’s report recognises the leadership already being shown across the later life lending sector, while offering practical ways to deepen that work.
“The Consumer Duty has set the benchmark — now we must move beyond compliance to deliver thoughtful, tailored support that reflects the lived experience of customers.”
Kelly Melville-Kelly, director of risk, policy and compliance at Equity Release Council, said: “The sector has matured significantly in its approach to vulnerability — but the next phase must be about embedding consistency and driving continuous improvement.
“We know that individuals and organisations want to do the right things but at the moment, there is often a lack of practical, expert guidance to support complex interactions.
“Safe Steps, launching in November 2025, is designed to fill that gap and give advisers and lenders the tools to turn good intentions into confident, informed action.”