Two in five brokers (40.7%) who have encountered a vulnerable client do not share vulnerability information with lenders, new research commissioned by Smart Money People has highlighted.
The findings, which were facilitated by Newcastle for Intermediaries, showed that over half (58.2%) of brokers cited a lack of lender clarity regarding how to disclose vulnerability information.
A collaborative industry survey, which quizzed 245 brokers, revealed that 47.9% of respondents expressed a need for deeper understanding around the drivers and the importance of identifying vulnerable customers.
Brokers requested resources such as dedicated areas on lender websites (71.8%), detailed written guidance (32.2%) and training (27.6%) to be made available to support them in delivering positive outcomes for their vulnerable clients.
Head of business development at Smart Money People, Jess Rushton, said: “While brokers are increasingly aware of client vulnerability, these findings highlight a need for deeper, practical support.
“A better understanding of vulnerability drivers, along with standardised processes and clearer guidance from lenders, could empower brokers to confidently support clients who may otherwise hesitate to disclose their circumstances.”
Chief executive at the Association of Mortgage Intermediaries (AMI), Rob Sinclair, added: “The research helps identify where the issues are and give clarity on steps which could be taken to improve support, communication and outcomes. Our hope is the industry through its trade bodies can impel firms to work together to deliver consistent policies and processes.”
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