Overcoming the challenges of managing vulnerable customers in financial advice and wealth management
This webinar is for financial advisers, wealth managers, insurance brokers, intermediaries and mortgage brokers. Firms face a range of challenges when it comes to evidencing vulnerable customers. While most advisers/brokers understand their client’s personal situation, they lack the systems and structure to record this in a consistent manner.
Many people don’t proactively disclose their vulnerabilities – which is often assumed to be down to stigma, fear, or simply not recognising their own situation. Equally, it can be uncomfortable for some to ask personal or sensitive questions, so there is a natural fear of awkward interactions, and it’s easy to miss relevant but hidden vulnerabilities.
Individual assessments can be highly subjective, relying on individual judgement that can vary widely. While training can help, it is typically costly, time-consuming, and still may not fully prepare you for the wide range of circumstances you might encounter.
When someone identifies a vulnerability, there is often uncertainty about what support to offer and how to tailor advice appropriately. All of this unfolds under growing regulatory pressure, with firms expected to consistently show evidence that they are delivering good outcomes for vulnerable clients, further raising the stakes for getting it right.
Yes, this can be complex, but many firms aren’t just getting to grips with customer vulnerability – they are turning it to their advantage.
This webinar looks at how firms can accurately identify their vulnerable customers. It demonstrates how customers willingly disclose vulnerability information when assessments are structured and framed correctly. We examine how to manage customer vulnerability over time, how to offer support when a vulnerability is identified, and how to instantly obtain detailed management information to help your business – or to provide to the regulator.
We look at the specific challenges for your sector – and show how firms are already overcoming these.
Managing customer vulnerability in insurance and personal finance: A practical implementation guide
The Chartered Insurance Institute (CII) has produced a landmark guide to help insurance and personal finance firms to better identify, support, and deliver fair outcomes for customers in vulnerable circumstances.
Vanessa Riboloni
Vanessa is Head of Research and Insight at the Chartered Insurance Institute, where she leads research initiatives that to support the development of professional standards, good practice and advocacy across the insurance and financial planning sectors. She manages the All-Party Parliamentary Group on Insurance and Financial Services, facilitating policy dialogue between sector and government. She leads CII’s Road to Consumer Trust programme of roundtables and thought leadership that brings together regulators, consumer advocates, academia, and sector experts to advance sector good practice, with a particular emphasis on consumer vulnerability.
Martin Grimwood
Martin is a director at FWD Research, a financial services consultant and consumer protection champion. Martin has held senior roles at ORC International, Kantar, GfK and Ipsos. For the last 10+ years, he has specialised in consumer protection research – working with the FSA and FCA on TCF, RDR, and vulnerability guidance. He works closely with the CII and PFS to help their members navigate both pieces of legislation and is co-author of the CII’s managing customer vulnerability guide.
Andrew Gething
Andrew is the founder and managing director of MorganAsh. He is a recognised consumer vulnerability specialist and champion, is the driving force behind the award-winning consumer vulnerability management tool, MARS.
