Paradigm Partner Forum Your Business and vulnerable clients Billy - - PowerPoint PPT Presentation
Paradigm Partner Forum Your Business and vulnerable clients Billy Brown, business development manager Learning Objectives Understand what vulnerability is and 01 how it can result in client detriment Consider how you might identify 02
Billy Brown, business development manager
Understand what vulnerability is and how it can result in client detriment Consider how you might identify vulnerability within your client bank Identify what you can do to best support those in vulnerable situations
01 02 03
For financial intermediary use only. Not approved for use with customers.
Source: FCA Occasional Paper 8, February 2015
A vulnerable person is someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels
For financial intermediary use only. Not approved for use with customers. Source: FCA Occasional Paper 8, February 2015
Psychological Financial
For financial intermediary use only. Not approved for use with customers. Source: FCA Occasional Paper 8, February 2015
Caring Physical disability Being young Mental health problems Low language skills
Low literacy skills Illness Low income and/or debt Being
Divorced Bereaved Job loss
For financial intermediary use only. Not approved for use with customers. Source: FCA Occasional Paper 8, February 2015
One in seven adults has literacy skills that are expected of a child 11 or below One in six people over 80 years old are affected by Dementia Almost half
have enough savings to cover an unexpected bill of £300 Just under half
a numeracy attainment age of 11 or below
For financial intermediary use only. Not approved for use with customers. Source: FCA Occasional Paper 8, February 2015
Ability to represent
interests Poor advice and decisions
severe impact Exposed to unscrupulous practices Often linked to loss of income or large expenses Cumulative affect Lack of ability to deal with complexity
For financial intermediary use only. Not approved for use with customers. Source: FCA Occasional Paper 8, February 2015
Communication Products Proactive Listen and help Individual, tailored
For financial intermediary use only. Not approved for use with customers.
Audit current practice Develop approach and policy Roll out within your business Evaluate, improve, maintain
For financial intermediary use only. Not approved for use with customers. Source: FCA Occasional Paper 8, February 2015, Appendix 4 – Practitioners’ Pack
For financial intermediary use only. Not approved for use with customers. Source: FCA Occasional Paper 8, February 2015, Appendix 4 – Practitioners’ Pack
How long has it been going
What does the problem prevent, or make more difficult? Is the situation temporary, permanent, episodic?
What help is provided to support?
For financial intermediary use only, not to be used with customers.
Source: FCA Occasional Paper 8, February 2015, Appendix 4 – Practitioners’ Pack
For financial intermediary use only, not to be used with customers.
For authority to act
Discussing details if no authority
That info will be shared, with consent
That concerns can still be recorded
Observations
Next steps
Source: FCA Occasional Paper 8, February 2015, Appendix 4 – Practitioners’ Pack
For financial intermediary use only. Not approved for use with customers.
For financial intermediary use only, not to be used with customers. Source: Huntswood – Delivering fair outcomes to vulnerable consumers
Mental capacity Low understanding Dementia Hearing Sight Language Physical disability Bereavement Family breakdown Illness
Channels and Access Comprehension Circumstance
Understand what vulnerability is and how it can result in client detriment Consider how you might identify vulnerability within your client bank Identify what you can do to best support those in vulnerable situations
01 02 03
It is our intention that the information contained within this presentation is accurate. We have taken all reasonable steps to ensure that it is up-to-date and, where relevant, reflects the current views of our experts. However, we do not accept any liability for errors or omissions in the information supplied and if you require clarification on anything, our recommendation is that you contact us at the address below for verification, or call 0345 302 2287. Our registered address: Just Group Plc Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey RH2 7RU Regulatory information: Just is a trading name of Just Retirement Limited (“JRL”), Just Retirement Money Limited (“JRML”), Partnership Life Assurance Company Limited (“PLACL”) and Partnership Home Loans Limited (“PHLL”) which are subsidiary companies of Just Group plc. JRL is registered in England and Wales, with company number 05017193. JRML is registered in England and Wales, with company number
House, Roebuck Close, Bancroft Road, Reigate, Surrey, RH2 7RU. PLACL is registered in England and Wales, with company number
number 05108846. The registered office for both PLACL and PHLL is 5th floor, 110 Bishopsgate, London EC2N 4AY. JRL and PLACL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. JRML and PHLL are authorised and regulated by the Financial Conduct Authority. Calls may be monitored and recorded, and call charges may apply. www.justadviser.com Our dedicated intermediary site packed with useful calculators, guides, product information, topical articles and more. @Just_Adviser Follow the updates on us on twitter
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