Unpaid carers: The hidden vulnerability crisis within your client bank - what can you do?

Online event
Tuesday, 23 April 2024
1:00 pm – 2:00 pm (UK time)
    • Jacqueline Berry, Founding Director, My Care Consultant Ltd
    • Tony Miles, MBA, DipPFS, Joint Founding Director, The Financial Vulnerability Taskforce and the Consumer Duty Alliance
  • Financial Planning

In this IIL financial planning webinar, Jacqueline Berry and Tony Miles give you an overview of the extent of unpaid carers within a typical advice firm's client bank, what the additional needs of this group of clients are and practical actions firms can take as part of their approach to vulnerability.

According to research by national charity CarersUK, by the time women reach age 46, on average half have already become carers of an older adult. The same percentage applies to men by the age of 57. The FCA regard caring responsibilities as a characteristic of vulnerability. How many of them are in your client bank? Based on these and other similar research-based statistics, it's reasonable to project that for many advice firms, unpaid carers may well be the biggest group of those in vulnerable circumstances within their client banks. If you add to this those clients who may not be caring directly for an older adult but are having to arrange and supervise paid-for care, you can see that the numbers begin to look potentially enormous. In our experience, most of these people will not have thought to mention these responsibilities to their financial adviser – at least not until or unless they find themselves in a care-funding position or crisis. This webinar examines this issue, how such clients hiding within your client bank might benefit hugely from care guidance and advice sooner rather than later and how you can make this available to your clients whether you give care advice or not.

Learning objectives:

  • The likely extent of unpaid carers within a typical advice firm's client bank
  • Understanding their additional needs as a vulnerable cohort
  • Practical actions that firms can take to help meet these additional needs

Chair: TBC

Venue
  • Online event

Booking information:

You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Patricia Pedraza (020 7397 3911).

CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

1 hour's CPD can be claimed for this event if relevant to your learning and development needs.

It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.