The free tool, called the Vulnerability Radar, aims to address growing concerns about how firms work with vulnerable clients.
The FCA is currently consulting on guidance published in July 2019 to ensure vulnerable consumers are looked after correctly.
The Vulnerability Radar has been tested over the past two months with a group of 12 financial services firms, including Quilter and Aviva.
These firms are part of TISA’s working group on vulnerable customers and have worked to develop the tool over the last year.
The Vulnerability Radar asks firms a range of questions relating to policy, products, systems, and implementation. It then assesses the responses against best practice and provides a score and a graph result, as well as identifying areas for improvement.
Stephen Gay, TISA’s policy manager, said: “Everyone has either been vulnerable, will become vulnerable, or will care for someone vulnerable at some point in their lives. This is why ensuring the right protections are in place needs to be a fundamental part of how firms design, develop, and bring to market their products and services.
“We strongly believe that all customers should be able to use financial services, regardless of any impairment or difficult circumstance.”
Jonathan Warren, consultant at Altus, said: “Altus is pleased to have developed the tool with TISA to support firms in periodically assessing their capability on vulnerable customers.
“The underlying content will continue to evolve as best practice emerges and thus will act as a common standard for firms who adopt it and drive the industry toward better and more consistent outcomes for all customers”
The tool – which is being launched today at TISA’s Conference on Vulnerability - is available on TISA’s website and can be used free of charge by both TISA members and other financial services firms.
TISA has over 200-member firms involved in the supply and distribution of savings, investment products and associated services including wealth managers, fintech businesses, financial advisers and other firms in financial services.