JM Wealth has established clear and effective policies and procedures for identifying and dealing with vulnerable customers.

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Protecting vulnerable consumers is a key priority for us. We want vulnerable consumers to experience outcomes that are as good as those for other consumers, and the fair treatment of vulnerable consumers is embedded into our culture, policies and processes throughout the whole client journey.

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Where there are factors that limit a client's ability to make reasonable decisions and choices, the level of care we provide will be tailored accordingly.

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This firm does not charge upfront fees for any customer it considers vulnerable where credit or mortgage-related work is involved. The firm does not charge upfront fees for any credit broking-related work.

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All JM Wealth staff, whether client-facing or not, are trained to identify and support vulnerable clients. If you need support, please contact us by email at admin@jm-wealth.com, or by telephone on 01639 203 203.

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All clients are at risk of becoming vulnerable, but this risk is increased by having characteristics of vulnerability. We actively encourage our clients and those who support them to reach out to us so we can have an open conversation and offer a direct line of support.

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Key drivers of vulnerability

We have identified four key drivers which may increase the risk of consumer vulnerability:

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- Health: health conditions or illnesses that affect the ability to carry out day-to-day tasks
- Life events: major life events such as bereavement, job loss or relationship breakdown
- Resilience: low ability to withstand emotional or financial shocks
- Capability: low knowledge of financial matters or low confidence in managing money; low capability in other areas such as literacy or digital skills

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Who may be considered vulnerable?

Generally, a person is considered vulnerable if it would be unreasonable to expect them to be able to deal with a problem themselves. There is no legal definition of a vulnerable person, but this could include:

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- Older people
- Disabled people
- The seriously ill
- The recently bereaved
- Single parent families
- Pregnant women
- Unemployed people
- Those who have obvious difficulty in understanding, speaking or reading English
- People with mental health issues

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How we distinguish between vulnerability levels

JM Wealth has measures in place to distinguish between actually vulnerable and potentially vulnerable customers. We assess all customers into one of three groups when taking them on board, and this information remains on the customer file for auditing purposes.

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Under TCF outcome 6, staff must ensure that vulnerable clients are not presented with barriers preventing them from obtaining advice and transacting business. Where appropriate, staff will take steps to assist vulnerable clients. This may include:

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1. Recommending that they are accompanied at interviews
2. Conducting more meetings than usual to ensure understanding is fully confirmed
3. Providing documentation in larger print or in an alternative format such as Braille
4. Providing advice to seek further help
5. Referring them to a debt agency such as Citizens Advice (www.adviceguide.org.uk)