Now that the nation is in lockdown, it seems the term ‘vulnerable‘ is being used more than ever. If ever there was a time to focus on how we improve the experience and outcomes for the most vulnerable, surely now is that time. The FCA has said that they want doing the right thing for vulnerable customers to be deeply embedded into firms. But how do you go about that now that we have the challenges of coronavirus and social distancing? The key is to maintain contact.
Keep in touch!
Perhaps the most important thing is to simply stay in contact. According to consumer groups, there’s a danger of poor outcomes when consumers feel excluded or disengaged, and social distancing by definition leads to less contact with friends, family and colleagues. Certainly in person anyway.
Those with appropriate policies in place may be able to easily identify their most vulnerable clients and may have already made them a priority for contact and reassurance.
Understanding how clients and their families have been affected by coronavirus and seeking to understand their concerns is a good starting point. However, we need to be mindful that people may want to receive ongoing contact in different ways, and with different levels of regularity.
Clearly, technology can play a role here, though this may present a challenge to some who may not be familiar with the technology that you wish to use. Understanding what would be easiest for them may require a degree of flexibility.
For some, it may involve liaising with other family members who may be living with, or in communication with, the client to help them navigate the devices and systems used. Let’s also not forget that well-known piece of tech – the telephone!
Be Scamsmart
Firms also need to keep in contact with clients during this period to ensure that clients know how to protect themselves from scams. This is reiterated in the FCA’s latest guidance, but has also been highlighted in respect of ‘corona-scams’. Right now, people are concerned about the performance of their pensions and investments. Add to that the anxiety caused by the spread of the virus, and it’s clear they need a trusted adviser to ensure that they don’t fall foul of some of the convincing tricks being used.
Firms should be aware of the updates on the FCA’s ScamSmart pages and be able to advise clients of the key signs and what to do. Certainly, it would be a good idea to urge clients to speak to you before making any major financial transactions. But simple things like pointing out the dangers in engaging in unsolicited calls or email correspondence could literally save someone a fortune.
Get more vulnerability support
There is a whole suite of resources available at justadviser.com that will help you to identify the key areas of focus identified by the FCA, along with articles and aide memoires with specific action points you can take to help guide people through this difficult period and beyond.
Whilst these are challenging times, advisers really can make a huge difference to the outcomes of clients and their families and develop a vulnerability policy that is fit for the future.
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