‘Advising Clients in Vulnerable Circumstances’: good practice guide and checklist
To help provide greater clarity on the current state of play and support firms to adopt a simple but robust approach to clients in vulnerable circumstances, the Financial Vulnerability Taskforce will shortly be publishing a new good practice guide and checklist. We’ll communicate with you as soon as this is available to download.
As you may have seen, we commend the FCA on its engagement strategy for this latest vulnerability review but have also highlighted the need for more tailored guidance and case studies, as the examples and language used do not always resonate with the financial planning community. The Alliance and our affiliates will be collaborating further on practical and relevant support for our members, as well as working with the regulator to build better understanding of vulnerable circumstances in relation to clients within the advice profession specifically.
Professional Adviser TV: The key to cracking vulnerability
Filmed shortly after the FCA published its findings, I joined the Professional Adviser news team to discuss some key takeaways for advisers, including having better data to evidence outcomes for clients in vulnerable circumstances, and why personalisation of advice may be a more meaningful lens through which to view vulnerability.
FCA and Consumer Duty Alliance regional events
I’m delighted to announce that we will soon be announcing a series of five in-person events for 2025. These will build on the success of our Birmingham event in October last year, which saw nearly 600 advisers converge on the National Motorcycle Museum. Each event will offer advisers across the UK the opportunity to hear and engage directly with the FCA, as well as sessions from practitioners and subject matter experts on topical issues and client outcomes. Network with peers and professional partners throughout the day in a dedicated social and information area. The first event is in Edinburgh on Wednesday 11 June and we hope to see as many of you as possible across our five locations - watch out for more information coming soon!
Examples of vulnerability support available on the Alliance website
The “Vulnerability - Adviser Support” area of our website already contains a wide range of vulnerability-focused resources, including:
- 'Vulnerability- Your questions answered guide’ produced by Elephants Don’t Forget, FWD Consulting, MorganAsh, and the Collaboration Network, covering advisers’ most pressing questions about applying and embedding the FCA’s vulnerability requirements.
- Vulnerability Support Framework from Comentis, to help advisers ensure good outcomes for those in vulnerable circumstances, built around a three-step process of identification.
- Customer Vulnerability in Later Life – free online training produced by Just and the Society of Later Life Advisers, to support advisers in having better conversations and avoiding foreseeable harm.
The Alliance is in regular contact with the FCA in most key areas and is a conduit for two-way communication with members – please let us know if there are issues or topics you would like us to raise by emailing info@consumerduty.org.
If you’re not an Alliance member, it’s quick, easy and free to join as an individual, a firm or both – visit this page to see how.
To be recognised as a true profession - united as an Alliance we evolve!
Very best wishes,
Keith Richards, CEO, Consumer Duty Alliance and Chairman, Financial Vulnerability Taskforce
Use the links below to read the FCA's findings:
