Just Group and SOLLA have updated their online and free training module designed to help financial intermediaries and IFAs identify and work with vulnerable clients and their families.
The interactive training module - Consumer Vulnerability in Later Life - has been revised to take into account the latest regulatory guidance from the FCA1 and illustrate how this applies to working with vulnerable customers.
It includes a new section on coronavirus and how this may affect clients - with more people expected to become vulnerable as a result of a range of events such as ill-health, bereavement or financial difficulties brought on by the pandemic.
The FCA continues to increase its focus on vulnerability with its ongoing consultation aiming to ensure there is appropriate protection for vulnerable consumers."
Also new to the module is a section on cognitive decline and how this interacts with characteristics of vulnerability.
A new certificate has been created reflecting the important updates made and advisers will qualify for 60 CPD minutes upon completion.
Around 5,700 people registered for the initial module since its launch in 2019, with 96% of users saying they would recommend the training to colleagues and others in the industry.
The online module has been recognised by the FCA as a good practice example of how firms have been proactive in providing training opportunities for advisers and supporting this community interact with older customers who may be vulnerable.
Stephen Lowe, group communications director at Just Group, commented: "We've made some important updates to this popular training module."
"Vulnerability continues to be a major consideration for the financial planning industry with the FCA expected to issue finalised guidance in the first quarter of this year, and we've revised this module to help advisers be confident they are identifying and interacting with vulnerable clients sensitively and appropriately."
Tish Hanifan, SOLLA's founder and joint chairman, commented: "The FCA continues to increase its focus on vulnerability with its ongoing consultation aiming to ensure there is appropriate protection for vulnerable consumers."