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Case study 24: Old Mutual Wealth

As part of its vulnerable customer work, Old Mutual Wealth have created awareness material that helps our teams to identify where a customer may need extra assistance due to vulnerability.

Old Mutual has also set up a management distribution list, so that while its service to vulnerable customers evolves, it can escalate customers that require additional support for a quick resolution.

One of their Customer Service Centre team received a call from Mr Jones and sent the following escalation through to its vulnerable customers distribution list:

I have had a very distressed customer on the phone this morning, currently has some pension transfers coming into us and requires tax-free cash, one payment for about £24,000 is ready but we are not sending it until Wednesday/Thursday by CHAPS. Mr Jones has been extremely distressed, he has told me his wife left him in December, with no money and kicked him out. He has not seen his children since then and has had no money either to live off. Mr Jones is in desperate need of his TFC so he can start moving on securing private accommodation, have food to live off.He has mentioned a couple of times about committing suicide. I am really concerned for him can we do anything to get at the very least some money to him immediately even if it’s a £100 just so he can buy some food today and the rest can follow in a couple of days."

As the above alludes to, in this situation, Old Mutual’s standard processing terms and timescales would not normally allow for a payment before the scheduled date. However, as this case was identified by the Customer Service Centre and because the correct managers were on the distribution list, Old Mutual were able to make a payment so that the customer received the full amount on that same day.

Furthermore, Old Mutual were able to identify that a further transfer from another provider had just arrived, so were able to send an additional £12,000 at this point too.