"We need to work together to give advisers the skills and confidence to recognise signs of vulnerability, and to communicate with clients and manage their requirements effectively."
This is a slight decrease compared with last year (88%) which suggests that the adviser community is making use of the increased support provided by lenders and other bodies.
The FCA recently launched a consultation on its proposed guidance for firms on the fair treatment of vulnerable customers.
Despite increased support, nearly 9 out of 10 advisers (87%) admitted that it was difficult to spot vulnerable customers. When asked what proportion of their client bank was vulnerable, 81% felt that less than a fifth fitted into this category.
more 2 life is calling on the wider lending market to raise awareness among advisers of the signs of vulnerability and to provide greater education and resources for advisers to better help these customers.
Dave Harris, CEO of more 2 life, commented: “Vulnerability continues to be an important issue across the entire financial services sector and this research highlights that the equity release market is no exception. It’s clear that advisers need more support and education to help them identify and serve vulnerable customers to ensure that they provide the right financial outcomes for their situation.
“As an industry, we need to work together to give advisers the skills and confidence to recognise signs of vulnerability, and to communicate with clients and manage their requirements effectively. As the UK’s population ages and a greater number of older homeowners turn towards equity release as a source of income, advisers will be in a vital position to ensure they are able to help all consumers through the advice process and meet their needs in later life, including those who may be potentially vulnerable."
