Ninety-eight per cent of financial intermediaries have indicated they believe it is important to keep up to date with developments on vulnerability agenda, according to new research from Just Group.

The retirement specialist suggested this was reflected in the different ways that financial intermediaries want to learn about how to help vulnerable customers.

The study, based on responses from 167 intermediaries, found that 91% said they were interested in learning about practical ways to implement best practice. Dealing with third parties such as family members (83%) and better client engagement (79%) were also key interests.


Just Group suggested that the FCA is placing a heavy emphasis on treating vulnerable customers “fairly” and is currently in a consultation period about further guidance for firms.


The research also indicated that a shift in preferences towards digital support for financial intermediaries is evident too – with the survey’s respondents citing online training modules, videos, podcasts and webcasts, as well as downloadable literature as the most useful sources of information. By contrast, Just Group found that face-to-face training and conferences were not viewed so favourably.


“Vulnerability is a growing element in financial intermediaries’ work, underpinned by the FCA’s ongoing activity in this area,” commented group communications director at Just Group, Stephen Lowe.


“Intermediaries clearly recognise the significance of keeping up to date with developments on this topic and are looking at practical ways in which they can improve their understanding and processes.

“Whether that is by watching videos, participating in online training modules or reading up on the topic, there is a healthy appetite among advisers to better understand and help vulnerable customers.”

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