The Consumer Vulnerability in Later Life online training provided by Just with content provided by SOLLA, has been completed more than 20,000 times, demonstrating the continued strong demand among financial intermediaries to enhance their ability to support customers in vulnerable circumstances.
Just Group in collaboration with SOLLA – the Society of Later Life Advisers – offers a free, interactive digital training platform to equip financial advisers, paraplanners and other professionals in advice firms with the skills to identify and support those in vulnerable circumstances.
Originally launched in 2019, with content developed by SOLLA, the training provides critical insights and tools to help advisers offer best-practice advice to vulnerable customers.
Demand for the training has increased significantly since it was first launched, as both the pandemic and the cost of living crisis accentuated the challenges facing vulnerable customers and reiterated the advice community’s responsibility to ensure the fair treatment of these individuals.
This strong demand for the training is reflected in the high take-up which has now been completed more than 20,000 times by the advice community, 3,165 of which have been the updated 2024 training module as intermediaries aim to keep their vulnerability strategies and thinking up to date.
The training is updated each year. The update in July 2024 saw the inclusion of new learning outcomes following a revision to the FCA’s expectations concerning vulnerability and Consumer Duty, as well as a refresh of imagery and new helpful resource links. By completing the training, advisers will be able to understand:
– the characteristics of vulnerability and the importance of creating a safe disclosure environment especially where the signs may not be obvious
– where they can make changes in working practices to ensure clients receive the support and care to meet their needs, and
– how to ensure their clients, including those with the characteristics of vulnerability, receive consistently good outcomes in line with Consumer Duty.
Stephen Lowe, group communications director at retirement specialist Just Group, said: “The market instability and cost-of-living crisis in the aftermath of the pandemic has placed added pressures on individuals, placing many in vulnerable circumstances. With more than 20,000 completions, it’s encouraging to see advisers across the industry embracing the need to increase their expertise in this important area.
“We created the Consumer Vulnerability in Later Life training, with SOLLA, to keep intermediaries up to date on the latest guidance in the sector and provide them with relevant tools and insight to build and maintain effective strategies for helping vulnerable customers. Helping advisers address vulnerability fairly and effectively means that customers receive the respect and care they deserve.”
Tish Hanifan, Founder and Joint Chair of Society of Later Life Advisers, commented: “We are delighted that SOLLA’s collaboration with Just has resulted in such a wide range of advisers accessing and benefitting from our vulnerability training. This free resource not only guides them through key aspects of vulnerability but also allows them to test their understanding of the topic and its application to clients as well as being a valuable source of self-directed learning.
“It’s important that such a resource is made available to financial advisers particularly as the end result is a better experience for both their clients and their clients’ families.”
