Consumer duty: firms must support those with mental health issues
- On June 8, 2023
- By GrowthInvest Marketing
Pension providers should take action to improve outcomes for consumers with mental health problems as they implement the incoming consumer duty.
Money and Mental Health Policy Institute has called for providers to improve the design and advertisement of pensions information so it’s more inclusive for people with mental health problems – as well as providing training for staff about the additional barriers this group might face.
The institute also called for providers to take steps to improve their understanding of how to support people whose capacity may fluctuate, including developing routine checks and balances, and being proactive in encouraging customers to disclose their mental health problems.
Money and Mental Health Policy Institute interim chief executive, Conor D’Arcy, said: “As the FCA’s consumer duty comes into force in July, we’re calling on firms to take action to ensure people with mental health problems have the support and information they need to build savings and to avoid financial hardship when they reach retirement age.
“That includes reviewing the design and promotion of information around pensions to ensure it’s inclusive for those of us with mental health problems, and that it can be accessed via multiple communication channels.”
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