Assessing and recording vulnerability

Consistency is key when assessing and recording vulnerability, whether you choose to do that manually or digitally.

A manual approach 

We've developed two helpful tools to make things easier for you:

1. The Client Wellbeing Questionnaire is packed with lots of example questions to assist you with supporting the wellbeing of your clients. It’ll help you to be consistent when asking questions and formulating actions across the areas highlighted by the Financial Conduct Authority (FCA): 

• 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 a relationship breakdown.
• Resilience – low ability to withstand financial or emotional shocks.
• Capability – low knowledge of financial matters or low confidence in managing money.

2. The Policy Effectiveness Checklist is designed to help you check if there are areas of your vulnerability policy, that might need a closer look or a refresh.

The suggested questions are grouped into four sections. They relate to the four key areas highlighted by the FCA’s Finalised Guidance (FG21/1) to achieve good outcomes for vulnerable customers.

1. Understanding target market needs
   - Policy and approach
   
   
2.  Staff skills and capability
   - Training your teams and effective client communication
   
   
3. Responding to customer needs
   - Systems, process and reporting
   
   
4. Monitoring and assessment
   - Recognising vulnerability

Benefits of both these tools for you include:

• Help to formalise your vulnerability process by consistently recording questions and results for each client.
• Assistance with monitoring whether a client’s assessed vulnerability is changing over time. This can be added to a client file, reviewed before meetings and updated as appropriate.
• Help to assess the effectiveness of current vulnerability activity and identify any potential areas of improvement. 

A digital approach

If you prefer a digital approach, Comentis, a leading clinical reg tech provider, offers a three-step vulnerability assessment process, Identify-Support-Report. This helps to ensure objectivity and consistency when identifying and supporting those at risk of financial vulnerability. 

Benefits for you include:

• Being guided easily and quickly through a series of clinically curated questions, which will consistently and objectively flag those at risk of financial vulnerability.  
• Receiving suggestions to help support your client during a capacity assessment, or once a vulnerability has been identified. For your peace of mind, the actions taken and support given are all logged so robust audit trails are maintained.   
• An ID-stamped report, helping you to meet regulatory obligations. It also comes with a management information dashboard and analytics for full visibility. 

Find out more here