Smart Money People has collaborated with 24 lenders, mortgage clubs, networks and industry bodies to launch a comprehensive vulnerable people survey.

The survey has been launched to better understand the challenges brokers and lenders face in identifying and supporting vulnerable customers and explore the barriers that prevent brokers from disclosing vulnerability concerns.

The anonymous questionnaire has gone live today and will be open for two weeks, with Smart Money People managing the survey and results to ensure an independent process.

It aims to gather insights from brokers on how well-equipped they feel in dealing with vulnerable clients and what support they need from lenders, asking if brokers fully understand the complexities of vulnerable clients beyond scenarios such as age and illness, and if they are comfortable disclosing a customer’s vulnerability to a lender without fearing that it may hinder the application.

The survey features input from a range 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).

National account manager at Newcastle Building Society, Michelle Ash, 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. The survey is anonymous, with Smart Money People managing the process and results to ensure independence."

Once the feedback has been gathered, the survey aims to provide the industry with a "clear direction" on how to better identify and support vulnerable clients, with the goal being 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 completed, the results will be shared with the wider marketplace, including industry bodies such as the BSA and the IMLA, to help create educational resources for brokers and lenders.

Head of business development at Smart Money People, Jess Rushton, added: "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."

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