Financial Vulnerability Taskforce

We have joined the Financial Vulnerability Taskforce from the Personal Finance Society. This will promote greater understanding of clients in vulnerable circumstances. In addition, encourage behaviour through sharing of good practice while addressing the expectations of regulatory standards and the public.

By joining the Taskforce we commit to the nine core consumer guide pledges:

First

Acknowledge their services. This involves the application of specialist and technical financial knowledge. This places many clients in a position of dependency.

Second

To ensure clients’ interests are placed above commercial interests.

Third

Recognise vulnerability can manifest itself in physical, mental or an emotional form. It is dynamic in nature. This means it can be short lived or longer term, sometimes permanent, transient, recurring or fluctuating over time. Finally, it may be hidden.

Fourth

Treat all clients fairly. This is regardless of their identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief. Furthermore, guard against making assumptions about the characteristics of individuals.

Fifth

Be aware that language is important. Also, that vulnerability relates to circumstances and not a type of person. Recognise people in vulnerable circumstances could be unaware of their vulnerability. In addition, if they are aware, they may not wish to be described as vulnerable.

Sixth

Accept heightened professional obligations towards clients in vulnerable circumstances. Furthermore, the need for raised awareness, greater sensitivity and additional technical competencies.

Seventh

Encourage clients to self-declare any vulnerability, safe in the knowledge that the advice they receive will be as good as that received by those who are not in vulnerable circumstances. Confidentiality will be maintained. Also, the way they will be treated will be fully compliant with relevant legislation including The Equality Act 2010, Consumer Protection regulations, the Mental Capacity Act 2005 and General Data Protection Regulation.

Eighth

Provide training to everyone within the organisation on appropriate methods of engagement. Also, the effective discharge of professional services to clients in vulnerable circumstances.

Ninth

Recognise clients in vulnerable circumstances who may be in immediate danger of significant abuse or harm. In addition, to contact the appropriate authorities to mitigate the risks they face.