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...

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