Financial advisers can now, where appropriate, inform Quilter via its investment platform of any additional needs a customer has, for example, the need to speak more slowly on the phone, so the service can be more tailored to the customer.
Quilter has also launched a new customer-facing ‘additional needs’ online support to help customers explore the support on offer for people with additional needs.
Finally, Quilter has also introduced a ‘tell us once’ service, meaning that when a customer tells one area about any additional support that they need, this is recorded right across all of Quilter’s businesses in which the customer holds a product or uses its services, so that they don’t have to repeat the request.
These changes have been designed to help Quilter provide a more enhanced service for potentially vulnerable customers, while also helping advisers in managing any additional needs their clients may have.
In 2021, the Financial Conduct Authority (FCA) published its guidance for firms on the fair treatment of vulnerable customers. This year, the FCA’s Consumer Duty guidelines continue to highlight the need to ensure vulnerable customers are considered and appropriately supported to ensure that they experience outcomes as good as those for other consumers.
Jenny Davidson, commercial proposition director at Quilter, said:
“Vulnerability and additional needs can come in all shapes and sizes. From a medical diagnosis to challenging personal and financial circumstances, customers may need specific help at different times of their lives. As such, it is important that these things are captured properly and the service they receive can be tailored appropriately.
“Investment platforms can play a key role in helping those with additional requirements manage their finances and as such we wanted to better understand the needs of our customers. The introduction of the ‘notify us’ enhancement and ‘tell us once’ initiative will help us to get a clearer picture of what our customers need and help us and their adviser to be more proactive in supporting them.
“Consumer Duty has shone a spotlight on customer support in our industry and it is vital we look for enhancements that can be made to protect good outcomes. These sorts of initiatives can make a huge difference for someone when they need to interact with us and we want to make it as easy and seamless as possible for them.”
