He says: “GAIN welcomes the [FCA] report and recommendations.
"With the consumer duty very much in mind, I urge all firms and colleagues to fully embrace the Social Model of Disability and recognise that people with disabilities are disabled by barriers in society, not by their impairment or difference."
Understanding the barriers
According to Timpson, these barriers include: "The physical environment; people’s attitudes; the way people communicate; how institutions and organisations are run; our products/services/digital platforms and tools being inaccessible; and how society/ corporate culture can discriminate against people who are perceived as ‘different’.
"In being inclusive by design, and importantly, lived experience informed, we not only remove the barriers that people with disabilities face (and I’m one) we remove the barriers for everyone.”
Carla Brown is a chartered financial planner, and a member of the Personal Finance Society. Brown describes some of the challenges faced by disabled people, which were again highlighted in the report.
She accounts for some of these difficulties as:
- Physical Accessibility - Many financial institutions and offices may not have physical facilities that are fully accessible to individuals with mobility impairments. This can include inaccessible entrances, lack of ramps or elevators, and inadequate restroom facilities.
- Digital Accessibility: With the increasing shift toward online banking and financial services, individuals with visual, hearing, or cognitive disabilities may encounter challenges in accessing and using digital platforms that are not designed with accessibility in mind.
- Communication issues: People who are deaf or hard-of-hearing may face difficulties in communicating, as not all institutions will provide sign language interpreters or have hearing loops installed. Some people with neurodiverse conditions such as autism may often struggle to pick up on nuances in communication or be very direct in speech.
- Complex Documentation: Financial documents, including account statements, loan applications, and other paperwork, are often written in complicated language and formats that can be difficult for people with cognitive disabilities to understand.
Brown says: “To address these barriers, it is important that businesses proactively work toward improving accessibility, provide training for staff on disability awareness, offer alternative communication options, and promote financial inclusion for people with disabilities.”
Signs of change
Peter Hamilton recently took over from Timpson as the Government’s Disability and Access Ambassador for the Insurance Sector, as well as being Head of Market Engagement at Zurich.
Hamilton believes there are signs of things changing, and seedlings of hope.
He says: “Financial services have an FCA consumer duty to 'deliver good outcomes for retail customers' - outcomes which relate to the governance of products and services; price and value; consumer understanding; and consumer support – all things that disabled people can experience problems with.
"Firms already have obligations to understand and support vulnerable customers.
“Increasingly financial services companies are focusing on plain language policy documents and information booklets to make it easier for customers with cognitive disabilities to understand the terms and conditions of their policies."
According to Hamilton, as with so many changes made with disabilities in mind, this kind of change benefits everyone, not just disabled customers.
He adds: “Companies have also invested heavily in training customer service teams in recognising and supporting vulnerable customers."
For example, the Association of British Insurers has created a CII accredited training course to help advisers and ABI members’ frontline staff gain a better understanding of mental health issues, and improves accessibility and support for insurance customers.
In terms of moving forward, Brown talks cogently about what needs to change and happen in the industry to help people with disabilities to have better financial wellbeing.
Brown believes that: “Improving the financial wellbeing of disabled people requires a comprehensive approach that involves various stakeholders, including financial institutions, government agencies, disability advocacy organisations, and the individuals themselves”.
