Spotting the signs of financial vulnerability
Following the updated FCA guidance around vulnerable customers published in 2021, we've created a guide for brokers to help you with identifying and supporting vulnerable customers.
Whilst the FCA guidance predominantly focuses on individual customers, it’s important to remember that vulnerability is evident in the commercial space as well and many of our business customers will also be presented with the same issues and challenges.
Potential signs of vulnerability vary but for commercial customers, this is likely to be linked to financial worries, especially during times of tough economic uncertainty such as a recession or the current cost of living crisis. This can often lead to businesses cutting insurance costs which can leave them underinsured in the event of a claim.
A guide to identifying vulnerable customers
We’ve updated our guide to include an awareness of financial vulnerability, the potential signs and the support and assistance that’s available.
How is Aviva helping these customers?
Recognising that individuals and businesses across the UK are struggling to cope with rising costs, we recently announced a new partnership with Citizens Advice and the Money Advice Trust’s Business Debtline services.
Business Debtline is a free service, designed to support self-employed people and small businesses in dealing with their debts and taking steps to overcome difficult financial situations.
The investment will fund an additional team of advisers to take an extra 25,0001 calls and appointments, providing invaluable guidance to small businesses as they face substantial rises in the cost of trading.
So far in 2023, the helpline has received 7,512 calls and 3,377 webchat sessions from businesses and their website visits grew by 46%, demonstrating the rising demand in this type of service.2
If you have any vulnerable customers who are struggling financially who you think may benefit from the service provided by this charity, they can visit https://www.businessdebtline.org/ to find more information about the support on offer.
We're here to help
Visit our dedicated page to learn about the tools and support we offer to help you and your clients.
1 Data provided by Money Advice Trust, Q1 2023
2 Business Debtline, 2023