Consumer Duty is focused on delivering good outcomes for customers. That means not just avoiding harm, but actively helping people reach their financial goals. This is especially important for vulnerable customers.
So, what is a vulnerability?
A vulnerable customer can be anyone, at any point in their life. These needs aren’t always linked to a physical or mental condition—and they’re not always permanent. Life events like illness, bereavement, or a relationship breakdown can affect how much support someone needs, even if just for a short time. I discuss this in more detail in my article Vulnerable Customers and Consumer Duty.
Some clients in vulnerable situations we’ve supported might have:
- a long-term illness
- relationship breakdown
- English as a second language
- hearing impairment
- recent bereavement
How We Help
Our Client Services and Operations teams have worked hard to make sure we’re ready to support customers with additional needs in a fair and thoughtful way.
Recording Support Needs:
We log any additional support needs in our system. This ensures that anyone who speaks to the customer understands their situation and can respond appropriately.
Regular training:
Our teams are regularly trained to:
- Spot when a customer might need extra support
- Record that information correctly
- Choose the best way to communicate whether by phone, email, or letter
Flexible processes:
Small changes can make a big difference. For example, we might:
- Extend a deadline
- Accept a digital signature
- Offer alternative ways to complete a task
- We’re always looking for ways to make things easier for our customers.
Dedicated Working Group:
We’ve set up a cross-team Working Group focused on improving how we support clients with additional needs. They review our processes and suggest changes to make our service more inclusive.
Here's a couple of examples of how we've recently helped our clients:
Transitioning from Junior ISA to adult ISA
A client’s Junior ISA was due to convert to an adult ISA when they turned 18. Their adviser let us know the client had a physical and verbal disability and couldn’t complete the required form. A Power of Attorney was being arranged so a family member could act on their behalf.
What we did:
We recorded the support need and gave the family a 90-day extension to complete the process. This gave them time to set up the Power of Attorney without pressure.
Supporting a client with a long-term condition
Another client has a condition that makes writing difficult, so their signature isn’t always consistent.
What steps did we take to help?
Although they haven’t needed to sign anything yet, we’re working with our Compliance team to find secure alternatives to handwritten signatures. That way, we’ll be ready to help if the need arises.
These are just a few examples of how we support customers with additional needs. By training our staff and staying flexible, we can make sure every customer feels understood and supported—no matter their circumstances.
Leah Wilkins, Head of Client Services
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity.
Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.
