Just Group and SOLLA – the Society of Later Life Advisers – have updated their free online training module designed to help financial intermediaries identify and work with vulnerable clients and their families.
The interactive training module – Consumer Vulnerability in Later Life – has been revised to take into account the latest regulatory guidance from the Financial Conduct Authority (FCA) and illustrate how this applies to working with vulnerable customers.
It includes a new section on coronavirus and how this may affect clients, as more people are expected to become vulnerable as a result of a range of events such as ill-health, bereavement or financial difficulties brought on by the pandemic.
The module also has a new section on cognitive decline and how this interacts with characteristics of vulnerability.
A new certificate has been created reflecting the important updates made and advisers will qualify for 60 continuing professional development minutes upon completion.
Stephen Lowe, group communications director at Just Group, said: “We’ve made some important updates to this popular training module. Vulnerability continues to be a major consideration for the financial planning industry with the FCA expected to issue finalised guidance in the first quarter of this year, and we’ve revised this module to help advisers be confident they are identifying and interacting with vulnerable clients sensitively and appropriately.
“The first edition of this module proved immensely popular with the adviser community and received great feedback, so we’d encourage all advisers to make use of this free training. The updates will make it pertinent to advisers who are new to the issue of vulnerability or those who have already completed the original module.”
Tish Hanifan (pictured), SOLLA’s founder and joint chairman, said: “The FCA continues to increase its focus on vulnerability with its ongoing consultation aiming to ensure there is appropriate protection for vulnerable consumers. We are committed to helping people and their families find trusted financial advisers, and so we are delighted to have developed this fantastic training module in collaboration with Just Group. Updating it will ensure that it continues to provide outstanding support for intermediaries and elevate their quality of interaction with vulnerable clients.”
Around 5,700 people registered for the initial module since its launch in 2019, with 96% of users saying they would recommend the training to colleagues and others in the industry.
More information about the updated module can be found here.