Support from lenders will be crucial here and ensuring vulnerability literature is clearer and easier to understand will go a long way towards closing the knowledge gap among advisers. Doing the same with consumer-facing material will also help the industry in the long-run. 

A beacon of hope

Although the equity release market’s approach to vulnerability is improving, there is more to be done.

Advisers need to learn to spot the less obvious signs of vulnerability, adapt how they gather information, and share knowledge with other professionals and colleagues. Lenders, meanwhile, need to improve the provision of education, resources and clear literature.

Spotting and caring for vulnerable customers is a challenge, but with the pandemic creating widespread hardship, it is paramount that the industry hones its ability to care for them. 

For anyone facing difficult personal and financial circumstances, a caring, patient and supportive adviser could be a real beacon of hope.

Stuart Wilson is corporate marketing director at more2life