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Is your customer’s health making them vulnerable?
Liza Campion | 22.05.2023
Liza Campion, Head of Corporate Accounts, Kent Reliance for Intermediaries
It was only while I was working from home during the dark days of lockdown when I realised just how many delivery drivers and riders there are out on the roads.
From the window in my home office, I watched them going up and down my street all day, every day, from early in the morning to late in the evening.
The UK’s delivery and courier market is estimated to be worth in the region of £13 billion a year and is made up of almost 10,000 businesses which employ around 112,000 people delivering everything from food to furniture1.
It’s hard work. Drivers and riders are expected to make dozens of drops every day, have to meet tight deadlines, and are out on the road for long hours in all weathers.
While many of them benefit from the peace of mind that being a full-time employee can bring, such as sick pay if they fall ill, some of those who’re on zero-hours contracts or a pay-per-delivery basis know that if they can’t work for any reason, then they won’t get paid.
Now imagine if you’ve been helping a delivery driver get a mortgage when you find out they’ve developed an illness which could affect their long-term health. Their condition means they won’t be able to work for a while, so you’re both understandably concerned it could affect their application.
Poor health – including physical disability, severe or long-term illness, hearing or visual impairments, mental health condition or disability, addition or low mental capacity or cognitive disability - is one of the four pillars of vulnerability which are included in the Financial Conduct Authority’s guidance on how financial institutions can support vulnerable customers.
So if you found yourselves helping a customer in a similar situation, what should you do?
The most important thing is to let us know as soon as possible so we can put the necessary measures in place to help your customer the best way we can, as early as possible in the process.
Just because a customer has a vulnerability doesn’t mean that we’ll automatically turn them down for a mortgage or loan. Whatever their needs, we’ll treat them fairly. Our staff receive the training they need to recognise and respond flexibly to their needs, whilst our systems and processes are set up to deliver help in a way that empowers and supports them.
To find out more, take a look at our Consumer Duty Hub which outlines the roles and responsibilities expected of us. You’ll also find details about what we’re doing as a business to meet them and provide good outcomes for your customers, as well as copies of our fair value assessments.
Get in touch with us or speak to your BDM to find out how we can help. This article forms part of a series around the four pillars of vulnerability, others articles cover resilience, health, capability and life event.
