Identifying and supporting vulnerable long-time savers (UK)

24/11/2017

An insurer which has implemented training from the Alzheimer’s Society is one of several examples of good practice cited in new guidance produced by the Association of British Insurers (ABI) to help providers of long term savings identify and support vulnerable, retired customers at the point of purchase of a product and through its lifetime.

The introduction of greater pension flexibility in 2015 created new challenges in an already complex area for a broad group of vulnerable people that can include the elderly and people who have

mental health issues
physical conditions or disabilities
limited literacy and numeracy skills
experienced a significant life event – eg job loss, divorce or family bereavement

Developed by an ABI working party of leading life and pension providers, ‘Addressing customer vulnerability: A guide to identifying and supporting vulnerable customers in the long term savings market’ recommends that all providers should

implement a vulnerability policy by January 2018, if they do not already have one
provide regular staff training on vulnerability awareness
continue to share good practice through the ABI

Other examples of good practice include

an agency that uses a traffic light warning system, with red indicating the most vulnerable customers
a retirement provider with a ‘phone a friend’ option that allows a customer to nominate a family member or relative to speak on their behalf
a long term savings provider that works with Age UK and the Samaritans to provide staff training

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

See all our latest news here!

Keep up to date with the latest news by following us on social media:-

Please call us on 0330 053 9263 to discuss how CPA can help your cashflow. Alternatively, either email us or use our contact form.

I consent to supplying my personal information that may be used for marketing purposes and agree with the privacy policy.

Earning Forecast “Astonishing”

Background for Autumn Budget 2017 (UK)

Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today