inclusive practices. According to the FCA’s Financial Lives Survey, LGBTQ+ consumers are almost twice as likely to lack confidence in the UK financial services industry compared to the general population. It is important to consider the underlying circumstances that many people face that may result in this figure. LGBTQ+ customers are more likely to be worse off financially, with a higher likelihood of being in a lower paying job or not having financial support from family. This statistic underscores the need for more inclusive and understanding approaches within our field. Depending on the circumstances, LGBTQ+ customers or customers with mental health conditions could be classed as vulnerable customers. Characteristics of vulnerability may result in consumers having additional or different needs and may limit their ability or willingness to make decisions and choices or to represent their own interests. These consumers may be at greater risk of harm, particularly if things go wrong. Trans and non-binary individuals face unique challenges within financial services. For example, paperwork that doesn't match their gender identity can create significant barriers. This can cause issues with everything from opening bank accounts to applying for loans and mortgages. It can also complicate matters related to protection products, where discrepancies between one's legal documents and their lived identity can lead to delays and additional scrutiny. Whilst most Providers will provide cover for trans and non-binary people, it is important to consider what the process looks like with different Providers to minimise discomfort for trans and non-binary customers, making the process as stress-free as possible. Our protection helpdesk is on hand to help with any queries you may have around this. These difficulties highlight the importance of having systems and processes that are flexible and inclusive. Everyone who operates within the financial services industry needs to be proactive in understanding and addressing these challenges to ensure that all customers feel respected and supported. Personally, I've been fortunate not to face significant issues in our industry, but I know many who have. From assumptions about relationships to misgendering, these experiences can erode trust and confidence. I believe that when we approach inclusivity with genuine intent, we foster a culture where everyone feels seen, heard, and valued. Pride and mental health awareness are deeply intertwined. Both aim to promote acceptance, reduce stigma, and provide the support needed for individuals to lead authentic, healthy lives. As we continue to celebrate Pride and advocate for mental health, let's commit to creating spaces that welcome and uplift everyone. Together, let's continue to pave the way for a brighter, more inclusive future in financial services and beyond. If you or anyone you know is struggling with the issues discussed in this article, please speak to someone who can help, whether that is a family member, friend, or there are several charities that can help. You may find some of the resources here helpful. (source: https://www.mentalhealth.org.uk/explore-mental-health/statistics/lgbtiq-people-statistics) 13 SUMMER MORTGAGE NEWSLETTER Scan to listen here
RkJQdWJsaXNoZXIy MjI4MjU4NQ==