Adrian Moloney | 16.06.2020
The mortgage market experiences constant change, and is often hit with a raft of regulatory and tax changes – specifically aimed at the residential buy to let markets.
These changes can no doubt be confusing for your clients, putting an onus on you to translate complex regulatory matters in a simplified, fair manner. This is all the more important if customers are considered vulnerable.
Kent Reliance for Intermediaries is committed to treating vulnerable customers fairly, consistently and in a way that considers their individual needs. In our eyes, vulnerable customers are seen as those who may be susceptible to detriment as a result of their personal circumstances.
It’s important that you’re able to identify vulnerable customers and ensure they receive the appropriate treatment while doing business with you.
We encourage our brokers to understand as much as possible about their client’s circumstances, so that they engage with them appropriately and handle their information correctly.
Vulnerability should be considered with four key factors in mind:
Physical – A physical impairment may prevent a customer from being able to transact with us in the same manner as others.
Low financial resilience – Limited financial knowledge may mean a customer is unable to manage their finances effectively, engage confidently with lenders, financial service providers and to make informed decisions.
Low financial capability – Lacking the funds and/or financial support required to transact with us due to a change in the customer’s circumstances. They may even be unaware that they are in fact a vulnerable customer.
�Impact of life events – External life events such as but not limited to family bereavement, divorce, illness or redundancies that may affect the customer’s emotional and mental wellbeing.
It’s our belief and understanding that every customer may at some stage be considered vulnerable, so you must ensure all your customers and clients consistently receive fair outcomes, and that you’re able to identify the signs of vulnerability when they occur.
Speak to us today about how we support those considered vulnerable, and how you too can hopefully recognise the signs when they occur with your future customers.
Sign up and receive the very latest product, criteria and service information from us.
This content is best experienced with your device in landscape mode. Please rotate your device for optimal display.
This content is best experienced with your device in portrait mode. Please rotate your device for optimal display.