Financial services ‘failing the LGBT Community’

Financial services are still not working for the lesbian, gay, bi-sexual and transgender community, the head of an insurance provider has claimed.

68% of LGBT customers feel that their financial services provider is not taking serious steps to understand them
68% of LGBT customers feel that their financial services provider is not taking serious steps to understand them

Steve Wardlaw, chairman of Emerald Life, said there were still glaring inequalities in financial services, particularly in the insurance sector.

He also called the inequalities against the LGBT community the “tip of the iceberg”, with women and single parents also struggling against the machine of financial services.

Mr Wardlaw commented: “The financial services sector is still not working for the LGBT community.

“We live in a diverse world – less than 18 per cent of the population defines itself as a traditional nuclear family (husband and wife with children). Financial services’ firms do not fully cater to the remaining 82 per cent.”

He said this 82 per cent does not have access to products designed for their needs and lifestyles and are “not embraced in marketing or thought about in customer journeys or customer care”.

According to Mr Wardlaw, this has resulted in 37 per cent of the LGBT community having no insurance compared with 25 per cent of the general population.

“At the start of LGBT history month, it’s important to highlight the inequalities that still exist for the LGBT community in the insurance sector”, he said, adding: “But that is the tip of the iceberg.”

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