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Just Group’s vulnerability training course reaches 13,000 registration milestone

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  • 22/07/2022
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Retirement specialist Just Group has passed the 13,000 registration milestone for its interactive digital training module on financial vulnerability.

The training module established with the Society of Later Life Advisers’ (SOLLA ) helps equip financial advisers, paraplanners and other professionals in advice firms with the tools and insight needed to meet the likely increase in customers with characteristics of vulnerability as the cost-of-living crisis takes hold. 

The milestone follows updated guidance from the Financial Conduct Authority (FCA) last month which highlighted the risks of lending to older customers in vulnerable circumstances.

The FCA’s ‘Dear CEO’ letter stressed the importance of financial services firms having a strong vulnerable customer strategy in place to assist their customers. To highlight the public impact of the crisis, it also cited a study showing over half of the population believe their health has been negatively  impacted by the rising cost of living.

Just Group’s interactive, free computer-based training module Consumer Vulnerability in Later Life was launched in 2019.

Stephen Lowe (pictured), group communications director at retirement specialist Just Group, said the module had been recognised by the FCA as an example of good practice of how firms have proactively supported the industry to interact positively with customers who show characteristics of vulnerability.

The training has been updated twice since it was launched, including earlier this year, to ensure it reflected current thinking on vulnerability including latest guidance from the FCA and addressed the impact of the pandemic. 

Improving understanding of vulnerability

Lowe said demand from the intermediary market for the training module backed up the FCA’s evidence that industry-led education tools were a positive influence. 

He added: “We are glad that the regulator acknowledges the steps the industry is voluntarily taking to educate itself on how best to meet the diverse needs of customers who may be in vulnerable circumstances.

“It is evident that the cost-of-living crisis is set to increase the number of customers who experience one  or more of the characteristics of vulnerability.

“Just Group is proud of our market-leading work with SOLLA to help all those working in the financial planning sector to improve their understanding of how to  work with vulnerable customers and, as a result, the importance of putting in place strategies for helping vulnerable customers.”

Just Group has also launched the Vulnerable Customer Awards – now running for a second year – to honour the achievements of firms, and individuals working within them, who have worked to ensure customers experiencing vulnerability are recognised and supported towards outcomes that are as good as those of other customers.  

Lowe said: “Last year we received an incredibly high-calibre of entries.   

“This year we’re seeing strong interest again as vulnerability continues to feature highly on the regulatory agenda as a consequence of the pandemic and now the current cost-of-living crisis. We encourage any advisory firm or industry colleague to share their excellent work with vulnerable customers so we can recognise and champion their efforts.”

 

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