TECHNICAL TALK
VULNERABLE CLIENTS FOCUS WEEK – LET ’ S TALK
ABOUT THE ‘ V-WORD ’
Despite the increasing importance of identifying and addressing customer vulnerability from not only a regulatory but also social perspective , it can still be a difficult area to approach with clients . We also understand the breadth of challenges posed by translating the principles of the guidance around working with vulnerable clients into practical processes . Our inaugural ‘ Vulnerable Clients Week ’, which took place in March , was designed to support our Member and Client Firms at every stage of their advice journey , from identifying potentially vulnerable clients to providing guidance and approaching difficult conversations , handling questioning sensitively and recording the relevant information . We believe the Covid-19 pandemic left an unprecedented vulnerability epidemic in its wake , one which has left those who were already vulnerable more in need of support than ever . In addition , individuals who did not hold any vulnerable characteristics previously may have suffered emotional , physical , or financial hardship over the past two years and may now be vulnerable as a result . We worked with experts and specialists from both within SimplyBiz and across the sector to deliver a broad programme of resources , insight , and practical guidance to support your vulnerable clients ’ advice processes . You can access all of the ‘ Vulnerable Clients Week ’ material outlined below , and our existing resources , through our Vulnerability Hub , in the ‘ Compliance ’ area of the site .
Catch up on Vulnerable Clients Week …
A practical response to vulnerability in later life : Tony Miles MBA , DipPFS Miles of the Financial Vulnerability Taskforce , and My Care Consultant Services Ltd , is an industry renowned expert in the world of later life advice , care and working with people with vulnerable characteristics .
In this session , filmed exclusively for SimplyBiz ’ s Vulnerable Clients Week , Tony worked through the regulator ’ s guidance on vulnerable clients and what it looks like in practical terms , using case studies and tried and tested best practice examples .
Regulation , Consumer Duty and vulnerability Mark Greenwood , Director of Compliance Services , Janice Laing , Managing Director of Compliance First , and Karl Dines , Head of Business Consultancy , took a deep dive into regulatory activity around vulnerable clients , including what the implementation of the Consumer Duty guidance will mean to you , your processes , and your clients .
Exploring the Mortgage Industry Mental Health Charter In this fascinating session , Jason Berry , Group Sales and Marketing Director at Crystal Specialist Finance , and Martin Reynolds , CEO of SimplyBiz Mortgages , discussed the Mortgage Industry Mental Health Charter , launched in October 2021 . Jason and Martin covered the reasons behind the launch of the charter , how their work has developed , practical guidance to support the good mental health of your employees , and how advisers and brokers can get involved . Find out more , and sign the charter , at www . mimhc . co . uk
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