A Cumbrian financial management firm has been recognised for its dedication to helping vulnerable people manage their money.
Financial Management Bureau, in Kendal, was highly commended in the Company of the Year category of the Just Group Vulnerable Customer Awards 2022.
FMB has appointed client services assistant Sue Walling, who has worked at the company for 20 years, as its vulnerability champion.
Its application for the award included a case study of the work Jon Palser – financial planner and training and competence manager – carried out with a vulnerable client.
Sue makes sure FMB has the policies and processes in place to support people who are vulnerable, whether this is because of their age or a variety of other reasons.
“Vulnerability is often associated with age and although it’s true older people can be more susceptible to financial fraud and scams, we can become vulnerable at any age,” said Sue.
“Obviously, when it comes to people’s personal finances it is very important to make sure that they are making decisions clearly and with a full understanding of the consequences.
“We start from the viewpoint that everyone is vulnerable until we can ascertain otherwise. This could be because of a recent bereavement, periods of illness, brain injury or stroke, as well as other problems which affect cognitive ability, as well as depression, financial abuse or coercion.
“Of course, people don’t always know if they are vulnerable and so we have a questionnaire we go through with them and, if necessary, we can get other people involved who could support them.
“The vulnerability could mean that they don’t understand what we’re talking to them about and, in that case, we really need to get somebody else involved.
“It could be a matter of simply checking their understanding, or using large print for some of our clients to read or having a friend or relative present to double check they have understood. We make a plan for each individual to suit their needs.”
The Vulnerable Customer Awards are delivered every year by Just Group, a financial services group focused on the UK retirement market.
