The Personal Finance Society (PFS) has launched an independent Financial Vulnerability Taskforce with the aim of supporting the profession to better recognise and address the various forms of consumer vulnerability, improve client outcomes and increase access to financial advice.
The taskforce will promote greater understanding of clients in vulnerable circumstances and encourage appropriate behaviour through the sharing of good practice while also addressing the expectations of regulatory standards and public expectations.
Financial advisers wishing to adopt the Financial Vulnerability Charter must commit to the core consumer guide pledges.
Financial advisers who sign up to the charter will be expected to display their commitment to these pledges on their website via a digital badge, list the core pledges and reference the consumer guide.
Supporters of the taskforce will have access to subject matter experts plus a resource library from the PFS, which contains information about the latest scams targeting clients in vulnerable circumstances, the latest regulatory guidance and links to agencies that can assist clients at risk of abuse.
Further educational material and insight relating to supporting clients in vulnerable circumstances will be produced by the taskforce’s steering committee.
Financial advisers who wish to adopt the taskforce charter must complete an online application form.
For more information visit: www.fvtaskforce.co.uk