Assessing and recording vulnerability

A key part of any consumer vulnerability policy is the assessment and recording of a client’s vulnerability. But how can you ensure that it’s done consistently?

We’ve developed a Client Wellbeing Checklist to help make this easier.

It contains 20 suggested factors to consider when meeting a client and a ‘red/amber/green’ rating to easily highlight any potential issues. 

The benefits of the checklist

  • Formalise a vulnerability assessment process
  • Help staff assess client vulnerability in a consistent way
  • Record the questions asked, results and 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 before meetings and updated as appropriate.
  • The suggested wordings on the checklist can be adapted to suit a firm’s business requirements, brand and compliance policy. Please let us know if you'd like a white labelled version.

Obviously, this is subject to your own compliance and management approvals, but we hope the document gives a good starting point for you to apply.

How does the checklist work?

This checklist is designed to help users assess a customer’s vulnerability 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

Download the checklist here >

If you’d like an editable version of the Just-branded document, please contact your Account Manager or email us.