The Equity Release Council is set to launch a practitioner toolkit in November this 12 months, which is designed to embed vulnerability best observe throughout the distribution chain.
The doc will function structured particular steering for a variety of susceptible circumstances, adviser prompts and real-life situations.
This comes after the ERC and Inclusive Outcomes revealed a sector particular evaluation of approaches to vulnerability in later life lending.
While the Later Life Lending and Customer Vulnerability report recognises the foundations already in place, it suggests sensible instruments to assist companies construct on this work and embed constant good outcomes throughout the market.
It recognized that there’s already structured identification of shoppers in susceptible circumstances and knowledge seize, devoted adviser and employees coaching, use of vulnerability champions and powerful governance and escalation pathways getting used.
The report additionally highlights alternatives to additional strengthen consistency when it comes to monitoring and evidencing buyer outcomes in addition to adapting buyer journeys to meet numerous buyer wants.
The trade has additionally been urged to improve knowledge sharing throughout the distribution chain to assist joined-up outcomes and embed vulnerability issues into product and repair design, together with testing and evaluation.
To meet these challenges, the report supplies a sequence of case research drawn from actual situations throughout recommendation companies and lenders.
Each instance supplies sensible proof of what beauty like in operational settings and gives actionable concepts for companies searching for to strengthen vulnerability assist inside their very own organisations.
Equity Release Council director of danger, coverage and compliance Kelly Melville-Kelly says: “The sector has matured considerably in its method to vulnerability — however the subsequent part have to be about embedding consistency and driving steady enchancment.”
“We know that people and organisations need to do the correct issues however in the mean time, there may be typically an absence of sensible, knowledgeable steering to assist advanced interactions.”
“Safe Steps, launching in November 2025, is designed to fill that hole and provides advisers and lenders the instruments to flip good intentions into assured, knowledgeable motion.”
Inclusive Outcomes senior accomplice Lauren Peel provides: “The Financial Conduct Authority believes that just about half of UK adults have at the very least one attribute of vulnerability so it’s important that sectors and organisations actually take into account how they’ll best assist their clients.”
“Today’s report recognises the management already being proven throughout the later life lending sector, whereas providing sensible methods to deepen that work.”
“The Consumer Duty has set the benchmark — now we should transfer past compliance to ship considerate, tailor-made assist that displays the lived expertise of shoppers.”
