In May 2022, the Financial Conduct Authority (FCA) reported 47 per cent of UK adults showed one or more characteristics of vulnerability, up from 46 per cent in February 2020, or 0.9m adults up from 24 to 24.9m over the period, driving the Stonebridge investment in this new technology.
The technology is offered as a series of prompts for advisers to follow and Revolution can identify indicators of potential customer vulnerability through answers provided within the fact find.
Revolution will ask advisers if they have considered the indicator of potential vulnerability and they will need to record whether the customer’s circumstances make them more vulnerable to harm, along with the support provided.
The adviser is prompted to complete the fact find or nudge the customer to do so using Revolution’s client portal. It allows the customer to self-record any additional indication of vulnerability as a way to seek support. Where a customer agrees to be recorded as vulnerable, the new functionality will make it easier to identify and provide any additional support needed.
Education on vulnerability
Full guidance has been offered to all Stonebridge AR firms with additional information on supporting customers in vulnerable circumstances via an enhanced guide.
The network said the new functionality was the latest demonstration of Stonebridge’s ongoing multi-million-pound investment in its dedicated software platform for member firms with more developments later this year.
Rob Clifford (pictured), chief executive of Stonebridge, said: “Following the publication of the FCA’s research highlighting the rise of UK adults showing one or more characteristics of vulnerability, we all have a duty to continue ensuring those in vulnerable circumstances receive an outcome that is just as good as those who aren’t.
“The FCA has introduced specific policies to ensure supporting customers in vulnerable circumstances is a key theme of Consumer Duty, which we welcome. From the conversations we have had, we believe Stonebridge is the first network in the UK – after the publication of the final Consumer Duty rules – to launch such functionality to help our AR firms and individual advisers to deliver a positive outcome for them.
“This enhancement to Revolution is not just about delivering additional support and efficiency to our AR firms to be ready for the implementation of the Consumer Duty rules from July, but to also help keep customers front and centre of the advice process. It is evidence of our ongoing commitment to support those customers who are identified as being in vulnerable circumstances.”
