Bravo to the vulnerability champions
Supporting vulnerable customers is a multi-faceted challenge for financial services firms so it is important we learn from each other by recognising and celebrating best practice.
Unveiling the winners of our 2021 Vulnerable Customers Awards, chosen by a prestigious panel of judges from more than 100 entries, was a chance to honour those advice firms and individuals making strides to ensure customers at risk of financial harm are not disadvantaged.
The issue has been rising up the boardroom agenda in our industry since the Financial Conduct Authority published its Consumer Vulnerability Occasional Paper No. 8 in 2015. That paper pulled no punches, showing “problems at every stage, from high level policy, through system design, to the products that are available and ways that staff implement policies and sell products”.
But the high-quality range of entries to our awards shows huge progress is being made.
Just is at the forefront of helping financial advice firms with designing and implementing policies to help identify and support vulnerable customers. For example, we worked with SOLLA to launch the first interactive training module specifically focused on vulnerability which has been completed more than 9,000 times.
We have introduced these awards to shine a spotlight on innovation and excellence. Celebrating these achievements should inspire others how to better address the similar challenges they face.
Last week we announced the names of the winners and revealed why they impressed the judges.
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Vulnerable Customer Champion – for individuals who have gone the extra mile to mobilise the consumer vulnerability agenda in their firm. Winner - Kathryn Knowles of Cura Financial Services. Highly commended – Emma Moore of Key, Robin Melley of Matrix Capital.
?Up Close and Personal – recognising excellent support for clients who have been or are vulnerable. Winner – Richstone Park. Highly commended – Asquith Financial Services, Clear Cut Financial Planning, Jane Bownas Wealth Management.
?Data and Technology – for innovative and/or effective use of data and technology to advance the customer vulnerability agenda. Winner – Air Group. Highly commended – Mazars Financial Planning and New Forest Wealth Management.
Company of the Year – for outstanding progress within individual firms. Winner – Air Group. Highly commended – Key and Matrix Capital.?
Earlier this year the FCA revealed that the coronavirus pandemic had increased the number of people showing characteristics of vulnerability to 27.7 million. That is more than half of the UK adult population.
We have a mighty task ahead of us to ensure good outcomes for customers. The positive news is that we are starting to understand how best to make progress.
Ultimately, this is a challenge we must rise to meet not just for our customers’ sakes, but for our own. Financial services firms that help people through those periods will benefit from better customer satisfaction and loyalty while avoiding regulatory attention and brand damage.
Let’s give the issue of consumer vulnerability the attention and credit it merits.