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Vulnerability - meeting the needs of all consumers

03 August, 2020LIBF Webinar
Speaker

Martin Lines, Business Development Director, Just Group 

 

If ever there was a time to focus on how we improve the experience and outcomes for the most vulnerable, surely now is that time. The FCA have said that they want doing the right thing for vulnerable customers to be deeply embedded into firms. But how has that changed with the challenges of coronavirus and social distancing?

There are some fundamental initial steps that need to be adopted in a crisis, especially with the most vulnerable. However, this should be accompanied by a deeper understanding of the vulnerability 'triggers' that need to be revisited. These can easily be exacerbated by the recent pandemic and it is important that we capture what has been learned and the positive ways in which firms have responded so far.

The whole point of the vulnerability agenda is to build a genuine culture that will promote good outcomes to consumers. The term 'vulnerable' is becoming commonplace now. It's important that we respond to the current needs of clients, but also establish practices that can be developed over the long-term.