The survey – which goes live today – is anonymous and will be open for two weeks.
It aims to address several key questions, including whether brokers fully understand the complexities of vulnerability beyond the obvious scenarios such as age or illness.
It will also look at whether brokers are comfortable disclosing a customer’s vulnerability to a lender without fearing it might hinder an application.
Extra support for brokers
It will also ask what further support or education brokers need to effectively manage cases involving vulnerable clients, as well as how lenders can streamline their processes to ensure vulnerability is identified and handled early in the customer journey.
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Smart Money People is managing the survey and results, to help ensure an independent process.
It is collaborating with 24 lenders, mortgage clubs, networks and industry bodies to carry out the work.
The survey aims to explore the barriers that prevent brokers from disclosing vulnerability concerns.
It will feature input from a diverse group of lenders, including Newcastle Building Society, The Mortgage Lender (TML), Buckinghamshire Building Society, Accord, Paradigm, Sesame Bankhall Group (SBG), Alexander Hall, and the Association of Mortgage Intermediaries (AMI).
Michelle Ash, national account manager at Newcastle Building Society, said: “Customers are at the heart of what we do, and understanding vulnerability and how this can affect advice and processes to intermediaries is important for us as lenders to grasp.
“By bringing together a collaborative group from different areas, with representatives who have a passion for this subject and the motivation to raise standards across our industry, we’ve really highlighted the topic and the support currently available.
“This survey allows intermediaries to share their insights on the issue, enabling us to work collaboratively to better support those customers who may need additional help either now or in the future.”
By gathering broker feedback, the survey aims to provide the industry with a clear direction on how to better identify and support vulnerable clients.
Inclusive mortgage process
The survey aims to create a more inclusive and supportive mortgage process that protects customers who may be at risk due to life circumstances such as illness, financial difficulty, or major life changes like divorce.
Once the survey results are compiled and analysed by Smart Money People, they will be shared with the wider marketplace, including industry bodies such as the Building Societies Association (BSA) and the Intermediary Mortgage Lenders Association (IMLA), to help create educational resources for brokers and lenders.
Jess Rushton, head of business development at Smart Money People, said: “We are delighted to have been asked by the working group to gather research from brokers on such an important topic as vulnerable customers.
“We’ve been collecting insights from brokers for over five years, which are now used by numerous lenders to inform them on various areas including service, products, and marketing.
“We are confident this latest report will not only be an exhaustive study but will also provide detailed, practical insights.”
The Vulnerable People Survey can be completed here.
