CLIENT WELLBEING CHECKLIST
New checklist makes it easier to assess and record vulnerability consistently
A key part of any consumer vulnerability policy is the assessment and recording of a client’s vulnerability. But how can you ensure that this is done consistently?
We’ve developed a Client Wellbeing Checklist to help make this easier. It provides sample wording that can be adapted to suit a firm’s business requirements, brand and compliance policy to:
- Formalise a vulnerability assessment process.
- Help staff assess client vulnerability in a consistent way.
- Provide a record of questions asked, results and overall vulnerability rating for each client.
- Monitor whether a client’s assessed vulnerability is changing over time – the checklist can be added to a client file, reviewed ahead of future meetings and updated as appropriate
The checklist contains 20 suggested factors to consider when meeting a client and a red/amber/green rating to easily highlight any potential issues. The content is based on our own experience of assessing vulnerability and helping advisory firms review their processes in this area.
It’s designed to help users assess a customer’s vulnerability across the areas highlighted by the Financial Conduct Authority:
- Health – health conditions or illnesses that affect the ability to carry out day to day tasks.
- Life events – major life events such as bereavement or relationship breakdown.
- Resilience – low ability to withstand financial or emotional shocks.
- Capability – low knowledge of financial matters or low confidence in managing money.
Please note – the template provides a suggested wording. Before using, please obtain appropriate management and/or compliance approvals.
If you’d like an editable version of the Just branded document, please contact your Account Manager or email us.
