The Personal Finance Society has been a key mover behind the launch of an independent Financial Vulnerability Taskforce aimed at supporting planners and advisers to spot and tackle consumer vulnerability.
The professional body, which awards the Chartered Financial Planner designation and has 40,000 members, says it wants to improve client outcomes and increase access to financial advice.
Advisers will be encouraged to support the taskforce campaign and sign up for a new Financial Vulnerabilty Charter.
The taskforce will promote wider understanding of clients in vulnerable circumstances and encourage good practice as well as addressing the expectations of regulatory standards and public expectations.
To adopt the Financial Vulnerability Charter financial advisers need to commit to the nine core consumer guide pledges.
- Acknowledge their services involve the application of specialist and technical financial knowledge which places many clients in a position of dependency.
- Ensure clients’ interests are placed above