The Association of British Insurers (ABI) has published guidance to help firms spot and support vulnerable people in the long-term savings market.
The trade body said the introduction of pension freedoms in 2015 has created new challenges for customers who are more vulnerable like older people and those with low literary skills.
The guidance - developed by the ABI's working party of life and pension providers - aims to create some commonality within the industry for how these customers are treated and be a reference point for the sector.
The guide recommends that firms implement a vulnerability policy, if they do not already have one, by January 2018; provide regular staff training on vulnerability awareness; and continue to share good practice through the ABI.
It also uses examples of good practice to demonstrate how support can be delivered to these customers, such as an insurer that implemented training from the Alzheimer's Society.
ABI head of retirement policy and assistant director Rob Yuille explained the aims of the project.
"This initiative highlights that providers really want to deliver the best possible service to all customers, and take their responsibilities towards vulnerable customers extremely seriously," he said.
"While there is already much good practice in the industry on identifying and supporting vulnerable customers, this guide will help all firms better identify those customers who need more support to help them make the right financial decisions."
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