Enabling organisations and their people to support vulnerable customers

According to the UK Financial Conduct Authority, over 24million people, just under 50% of the UK adult population display signs of vulnerability. Just let that sink in…50% of the UK adult population! And that was before COVID-19 hit!

^{Proportion of UK adults displaying each of the drivers of vulnerability – FCA Financial Lives 2020 survey}

It’s because of this, that the team at Oaklin couldn’t be more delighted to see this week’s release of a fabulous ITN interview with VCX’s Chris Jones, highlighting the market launch of their Vulnerable Customer Management support and advisory service for companies. With World Mental Health Day last Sunday, the broadcast, in partnership with Mental Health UK, signals just how important it is for companies in all sectors to support their people to support their customers when making life-impacting decisions. Take 5 mins to watch the interview here: VCX Forward Together

What’s emerging is a clear direct link between the way companies and their employees behave, and the impact this may have on the mental health of large swathes of the UK population – how many of us are interacting daily with our bank, utility companies, insurance companies, healthcare providers? Each of these interactions is now an opportunity (and in some sectors such as Financial Services, an obligation) to look out for and act on signs of vulnerability, thereby avoiding pushing already vulnerable people into more stress, and poorer mental health as a result. VCX provide a critical tool to enable companies in all sectors to act in a more socially responsible and accountable way. What’s more, research from leading lights including London Business School’s Professor of Finance, Alex Edmans, shows that acting in a more socially responsible and accountable way is highly likely to have a positive impact on the company’s commercial performance. 

Oaklin working with VCX is no accident. The ability to help companies on this journey aligns perfectly with Oaklin’s very real company-wide ‘do the right thing’ ethos, something which has underpinned the working relationship between us and VCX since day 1.

The ESG agenda is an important part of daily life at Oaklin, reflected in our active support for commercially focused programmes such as VCX, as well as addressing broader social issues, via our partnerships with Young Minds (fighting for young people’s mental health) and Word Forest (delivering the message that Trees are the Key to many of our environment and social challenges today).