Equity Release Group has questioned if the financial advice industry is doing enough to support vulnerable customers.
The firm found that 46% of its advisory arm, Equity Release Supermarket’s customers, were identified as vulnerable following the launch of its fully integrated Factfind.
Research from the Financial Conduct Authority (FCA) earlier this year found similar concerns, showing only 40% of vulnerable customers disclosed their personal circumstances to their financial adviser, and even fewer were encouraged to share them.
Mark Gregory, founder and CEO at Equity Release Group, said: “Our latest data is a statistic we don’t shy away from, but rather one we need to be incredibly mindful of, and support through systematic change.
“With the implementation of robust and comprehensive systems, industry wide, we’re confident that this will result in heightened protection for vulnerable customers, as well as empowering every customer along the way.
“We need this consistency across the industry so that the customer remains front and centre of all we do.”
Gregory added: “We want to encourage open, honest and proactive discussions around this, to ensure that our customer journey isn’t merely an exercise but a core component of providing responsible financial advice throughout.
“Both our fully integrated digital Factfind and Product Confirmation Letter (PCL) are built using robust technology, providing enhanced usability and functionality, as well as heightened regulatory factors to take compliance and consumer duty beyond the required guidelines, significantly assisting a potential vulnerable customer.
“Our aim is always to push for greater accessibility and make it easier for people to explore and access all later life lending solutions.”
He said: “Delivering a good customer outcome for all, including those who find themselves in a vulnerable situation has taken us time to craft, but we are relentless in our commitment to customer welfare, which goes beyond the realms of Consumer Duty.”
