A toolkit to help your clients
The FCA estimates over 50% of adults are now classed as vulnerable. What’s even more surprising is 76% of adults with vulnerability characteristics don't view themselves this way. This makes it increasingly important to understand how you can identify and support potentially vulnerable clients. Some may require additional assistance to make more informed decisions about their finances in retirement.
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
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.