Quilter has introduced three new features to enhance the support it provides to potentially vulnerable customers.
Financial advisers can now inform Quilter via its investment platform of any additional needs a customer has, for example, the need to speak more slowly on the phone, so the service can be more tailored to the customer.
As part of the support for vulnerable customers, Quilter launched a customer facing ‘additional needs’ online support.
Jenny Davidson, commercial proposition director at Quilter, said: “Vulnerability and additional needs can come in all shapes and sizes. From a medical diagnosis to challenging personal and financial circumstances, customers may need specific help at different times of their lives.
“As such, it is important that these things are captured properly and the service they receive can be tailored appropriately.”
Quilter has also introduced a ‘tell us once’ service, meaning that when a customer tells one area about any additional support that they need, this is recorded right across all of Quilter’s businesses in which the customer holds a product or uses its services.
These changes have been designed to help Quilter provide a more enhanced service for potentially vulnerable customers, while also helping advisers in managing any additional needs their clients may have.
In 2021, the Financial Conduct Authority published its guidance for firms on the fair treatment of vulnerable customers.
This year, the FCA’s consumer duty guidelines continue to highlight the need to ensure vulnerable customers are considered and appropriately supported to ensure they experience outcomes as good as those for other consumers.
Davidson said: “Investment platforms can play a key role in helping those with additional requirements manage their finances and as such we wanted to better understand the needs of our customers.
“The introduction of the ‘notify us’ enhancement and ‘tell us once’ initiative will help us to get a clearer picture of what our customers need and help us and their adviser to be more proactive in supporting them.”
She explained that the consumer duty has shone a spotlight on customer support in the industry.
“It is vital we look for enhancements that can be made to protect good outcomes,” she added.
“These sorts of initiatives can make a huge difference for someone when they need to interact with us and we want to make it as easy and seamless as possible for them.”
sonia.rach@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
