Service for vulnerable clients launched by The Right Mortgage

September 10, 2021 by Brendan O'Neill

Mortgage Advisors

A new hub designed to help increase levels of awareness among mortgage advisors about issues that could see borrowers classified as ‘vulnerable’ has been launched by The Right Mortgage and Protection Network.

This network has over 500 protection and mortgage brokers throughout the country that partner with it and – in announcing the launch of this hub – made the point that what renders an individual vulnerable can be complex when it comes to mortgage advice. For that reason, the hub will detail the various factors that could see a person fall into that group, as well as providing advisors with educational resources and content.

Among the resources that will be available through it is a detailed list that advisors can use to assess both existing and future clients, and a safe place where one-on-one support will be offered.

The Right Mortgage and Protection Network CEO Martin Wilson told FT Adviser that people within the industry often associate vulnerability with age or mental or physical disabilities. He then went on to add:

“This project, however, aims to highlight the different types of clients who could be classed as vulnerable and draws an important focus for advisors in how they identify these clients and adjust their processes and behaviours accordingly.”

A taskforce to help advisors when dealing with vulnerable people is also being launched.

After they have secured a CeMAP qualification, advisors are encouraged to pursue continuous professional development and learning to cope with the challenges presented by vulnerable clients is part of that.