Support and information for financial advisers
A vulnerable customer is someone, who due to their personal circumstances is especially susceptible to harm, particularly where a firm is not providing the right level of care. We are all subject to the challenges of life that can make us vulnerable, and our customers are no different. Vulnerability can affect anyone, and could be experienced on a shorter term or more permanent basis.
Just like every one of our customers, no two circumstances of vulnerability are the same. It should be considered as a spectrum – everyone is at risk of becoming vulnerable, but the risk is increased through different vulnerability characteristics which may overlap. The FCA determiners the four key drivers to be:
|Having ongoing health issues that affects the ability to carry out day-to-day activities.
These could include:
• Severe or long term illness
|Experiencing a major life event.
These could include:
|Having a low ability to withstand financial or emotional shock.
These could include :
• Low savings
|Having low knowledge or confidence in financial matters or managing money; low capability in other areas such as:
• Poor literacy or numeracy skills
The nature and longevity of our products means our customers are likely to experience some of these life events, making them more susceptible to becoming vulnerable such as through divorce, aging or bereavement.
We are committed to:
• encouraging customers to disclose their needs
• ensuring staff can identify vulnerabilities and make appropriate adjustments where needed
• supporting channels that create good outcomes for customers
• reducing the probability of customers experiencing harm.
If you believe your client may be vulnerable and would like to discuss support and suitable adjustments, please contact:
T: 0115 841 5000
There are a number of third party resources available to help provide additional support to customers who are vulnerable. The following document may be of use to customers who may be experiencing vulnerability:
The following link provides more information on vulnerable customers: