Why engaging directly is key to identifying customer vulnerabilities

'Engaging directly on vulnerability is new and still feels quite alie'

clock • 4 min read

Andrew Gething shares his insight on vulnerable clients and explains why advisers should take a direct approach...

Identifying and understanding the vulnerabilities of customers became a regulatory requirement in February 2021 for firms. Consumer Duty has renewed this focus and expanded the need to understand and monitor consumer vulnerabilities. Even so, many firms are still trying to get to grips with just how they identify their vulnerable customers. The Financial Conduct Authority's Financial Lives survey reports that around 50% of all UK adults are vulnerable at any one time. A recent study by Boring Money suggests that, in the advised sector, 22% of customers display at least one vulnerable...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your Business

PA360: Final call to register for adviser conference!

PA360: Final call to register for adviser conference!

Join us next week for practical insights on adapting to change and hear from Alastair Campbell

Professional Adviser
clock 25 April 2025 • 2 min read
Söderberg invests in first Scottish advice business

Söderberg invests in first Scottish advice business

Takes minority stake in Murphy Wealth

Jen Frost
clock 16 April 2025 • 2 min read
All the advice firm acquisitions that have taken place in 2025

All the advice firm acquisitions that have taken place in 2025

Keeping track of the ongoing consolidation of the advice industry

Professional Adviser
clock 15 April 2025 • 2 min read