24 lenders, mortgage clubs, networks, and industry bodies have collaborated with Smart Money People to announce the launch of a comprehensive Vulnerable People survey, designed to better understand the challenges brokers and lenders face in identifying and supporting vulnerable customers, and to explore the barriers that prevent brokers from disclosing vulnerability concerns.
The survey, which goes live on 1st October 2024 and will be open for two weeks, aims to gather valuable insights from brokers on how well-equipped they feel in dealing with vulnerable clients and what support they need from lenders. The survey is anonymous, with Smart Money People managing the survey and results, ensuring an independent process. Featuring input from a diverse group of lenders, including Newcastle Building Society, The Mortgage Lender (TML), Buckinghamshire Building Society, Accord, Paradigm, Sesame Bankhall Group (SBG), Alexander Hall, and the Association of Mortgage Intermediaries (AMI), the survey examines the industry’s understanding of vulnerability and the challenges in identifying it throughout the mortgage application process.
The Vulnerable People survey seeks to address several critical questions, including:
• Do brokers fully understand the complexities of vulnerability beyond the obvious scenarios such as age or illness?
• Are brokers comfortable disclosing a customer’s vulnerability to a lender without fearing it might hinder the application?
• What further support or education do brokers need to effectively manage cases involving vulnerable clients?
• How can lenders streamline their processes to ensure vulnerability is identified and handled early in the customer journey?
By gathering broker feedback, the survey aims to provide the industry with a clear direction on how to better identify and support vulnerable clients. The ultimate goal is to create a more inclusive and supportive mortgage process that protects customers who may be at risk due to life circumstances such as illness, financial difficulty, or major life changes like divorce.
Once the survey results are compiled and analysed by Smart Money People, they will be shared with the wider marketplace, including industry bodies such as the Building Societies Association (BSA) and the Intermediary Mortgage Lenders Association (IMLA), to help create educational resources for brokers and lenders.
You can complete the Vulnerable People Survey here - https://smartmoneypeople.com/surveys/hKpS6HWRlf
Michelle Ash, National Account Manager at Newcastle Building Society, said:
“Customers are at the heart of what we do, and understanding vulnerability and how this can affect advice and processes to intermediaries is important for us as lenders to grasp. By bringing together a collaborative group from different areas, with representatives who have a passion for this subject and the motivation to raise standards across our industry, we’ve really highlighted the topic and the support currently available.
“This survey allows intermediaries to share their insights on the issue, enabling us to work collaboratively to better support those customers who may need additional help either now or in the future. The survey is anonymous, with Smart Money People managing the process and results to ensure independence.”
Jess Rushton, Head of Business Development at Smart Money People, commented:
“We are delighted to have been asked by the working group to gather research from brokers on such an important topic as Vulnerable Customers.
“We’ve been collecting insights from brokers for over five years, which are now used by numerous lenders to inform them on various areas including service, products, and marketing. We are confident this latest report will not only be an exhaustive study but will also provide detailed, practical insights.”
