An estimated 6,500 have registered for the training module ‘Consumer Vulnerability in Later Life’, developed by Just Group and SOLLA.
An estimated 6,500 have registered for the training module ‘Consumer Vulnerability in Later Life’, developed by Just Group and SOLLA.
So far, 1,087 people have used the interactive training module, with 806 going on to pass the final test.
Of those who have completed the module, 747 were new users and 340 were repeat users who had already completed the first training released in 2019.
The number of new users for the module increased 64% and number of returning users increased 57% following the publication of the Financial Conduct Authority’s finalised guidance.
The revised training covers how the COVID-19 pandemic may affect clients with more people expected to become vulnerable due to factors such as bereavement, financial pressures or ill-health.
A new section was also added on cognitive decline and its interaction with vulnerability.
Intermediaries successfully completing the training gain the Certificate in Consumer Vulnerability in Later Life and evidence of 60 minutes CPD.
It has consistently received excellent user feedback with 96% of those completing the initial training saying they would recommend it to colleagues and others in the industry.
Research conducted for the FCA Financial Lives survey revealed that 53% of UK adults showed characteristics of vulnerability demonstrating how widespread the issue is.
While a further measure of its complexity is that three-quarters of those people do not see themselves as vulnerable
Robin Melley, chartered financial planner at Matrix Capital Limited, said: “It is a brilliant, free resource for intermediaries. Vulnerability is an incredibly important issue for the financial advice profession, particularly in how it recognises and treats clients in vulnerable circumstances.
“The way in which we, as professional practitioners deal with vulnerability will determine whether the profession as a whole is viewed as a safe pair of hands in society and high-quality training modules like this one alongside initiatives such as the Financial Vulnerability Taskforce will help us achieve this.”
Stephen Lowe, group communications director at Just Group, added: “It’s great to see that our revised module has been received so well with many new users and a significant number returning to ensure they stay up to date on this important issue.”
