The Right Mortgage and Protection Network has introduced its Vulnerability Hub, built to address the difficulties vulnerable consumers have when interacting with financial services.
A year ago, the FCA’s Financial Lives Matter survey found that nearly half of UK adults showed one or more signs of vulnerability,
The network says that, following the pandemic, it is likely those classed as vulnerable will have increased not only with customers, but with advisers too. Further vulnerabilities are likely come to the forefront as there is an increase in living costs affecting hundreds of thousands of people in the coming months. Furthermore, fraudulent financial scams are on the rise creating more hurdles for many, the network argues.
The new hub is designed to help members in not only recognising and supporting vulnerability in their customers but it also provides a wealth of resource to address their own wellbeing alongside the network’s new ‘Time to Talk’ feature where members can seek a safe space to discuss their own mental health and wellness.
The tools on offer for members of the network include training for principals and their advisers in identifying and supporting vulnerable customers. In addition, new resources on offer in the form of guides, webinars, FCA guidance, video introductions and support facilities, will enable the members to have a new central location to access the content and signposting, on-demand.
Ben Allen, compliance director at The Right Mortgage, said: “I am proud that we continue to review our guidance and support to Nnetwork members around the topic of vulnerability. Our ‘vulnerability champions’ have put in a lot of effort over the past few months to produce a website that goes beyond how to identify consumer vulnerability. It seeks to provide guidance on how to support consumers and our advisers too.”
