The Intermediary – September 2025 - Flipbook - Page 75
L AT E R L I F E L E N D I N G
Opinion
This all starts
with the right culture,
putting the customer
front and centre”
We encourage open, honest and
proactive discussions around this,
to ensure that our customer journey
isn’t merely an exercise, but a core
component of providing responsible
financial advice throughout.
Delivering a good customer outcome
for all, including those who find
themselves in a vulnerable situation,
has taken us time to cra, but we
are relentless in our commitment to
customer wellbeing, which extends
beyond the call of Consumer Duty.
Bridging the gap
The ERC has emphasised that
protecting vulnerable customers is
a key priority, and we too remain
commied to seing the standard
for customer care. We have designed
robust and comprehensive systems,
built to be fit for both current and
future regulatory requirements,
including the demands of
Consumer Duty.
This all starts with the right culture,
puing the customer front and
centre, and providing good outcomes
at all costs. Implementing the steps
below, as we have done at Equity
Release Group, will I believe result in
heightened protection for vulnerable
customers, as well as empowering
every customer along the way. We
need this consistency across the
industry so that the customer, now
and always, takes priority.
Extensive training: At Equity
Release Group, we have a specialised
in-house training academy to
ensure that all new entrants to the
business receive quality training,
and continuously thereaer. This
ensures advisers can recognise, help,
and guide potentially vulnerable
customers, or customers who find
themselves in a vulnerable situation
or time in their life.
Monitor outcomes: A strong
vulnerable customer policy that is
reviewed annually, kept up-to-date
and current is crucial.
Client agreements: A document
that encourages customers to tell
the adviser if they want them
to make any adjustments to the
advice process.
Accountability: Open questions,
asking the customer if they have
had any traumatic events in the past
12 months or if they would like the
adviser to adapt the advice process.
Intuitive fact-find: A fact-find that
flags potential vulnerability or
sign-posts potential vulnerability
to advisers automatically. At ERG,
we have an extensive vulnerability
assessment that all advisers need
to complete with every single
customer.
Quality control: All cases that
trigger a potential vulnerable
customer are 100% pre-checked by
quality control to ensure that the
advice is correct. It also ensures
that the customer’s voice is evident
within the file explaining why they
are happy to continue, as well as
the adviser’s voice also explaining
why they are happy to continue
advising them.
Responsibility and duty of care: All
advisers must confirm that their
customers have a very good, sound
understanding of the plan they have
recommended and there are no
signs of coercion.
Overall customer journey: Many
of our online customer tools, such
as smartER™, capture various
elements of vulnerability before
an adviser engages with them
to further help and support the
identification process.
Our rigorous systems and checks mean
our process can take a lile longer, but
it allows us to proceed with caution
and identify potential vulnerabilities
that might otherwise be overlooked.
We know the financial advice
industry is increasingly recognising
that it has underestimated how many
customers are – or can quickly become
– vulnerable, and underestimated
the effort required to support
them properly. We now all need to
move from recognition to robust,
systemic inclusion. ●
September 2025 | The Intermediary
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