SOLLA and Just Group have launched a training module focusing on client vulnerability - an issue that has come under increasing scrutiny from the Financial Conduct Authority (FCA).
The 'Older and Vulnerable Consumer Care Training Tool' will help advisers to identify vulnerable customers and then to work with them and their families.
It has been designed to help advisers recognise when someone might be vulnerable, what constitutes vulnerability and how to alter working practices to ensure firms can deliver extra care and support for clients when needed.
The interactive training module combines information and exercises to ensure there is understanding of the major issues facing vulnerable customers.
On successful completion, advisers will receive a certificate in 'older and vulnerable consumer care', which provides a record for relevant continuing professional development and training.
'Prepare for regulatory changes'
Society of Later Life Advisers (SOLLA) founder and joint chairman Tish Hanifan (pictured) said: "The launch of this comprehensive training tool is timely given the increasing pressure on advisers and firms to ensure they can show their vulnerable clients are identified and dealt with fairly."
Hanifan added that, since people are living longer, more older people are engaging with financial services. She said the training module would help advisers and firms build the skill-sets to meet their needs.
Just Group communications director Stephen Lowe added: "This year the FCA is set to further ratchet up its work in the area of vulnerability as part of its focus on consumer protection.
"Advisers and firms need to be preparing now for the changes that are to come and this tool, developed by SOLLA, is a leap forward in the support available to them."
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