"The fair treatment of vulnerable clients was already an important issue for the financial services sector, but the Covid-19 pandemic cut a swathe through our societal wellbeing"
The Financial Vulnerability Taskforce is an independent body, launched in January this year, working across the financial services sector to better recognise and address various forms of consumer vulnerability, improve client outcomes and increase access to financial advice.
SimplyBiz will be encouraging its member firms to adopt the Taskforce’s nine point charter, running joint events to discuss the work and objectives of the body and supporting the research and educational initiatives undertaken by the Taskforce.
Early last year, SimplyBiz launched its own proposition – ‘Let’s talk about ‘the v-word’ – designed to help advisers and brokers understand and identify types of vulnerability, approach difficult conversations, the evolving regulation in this area and the resources available from specialist third parties and charitable organisations.
Janice Laing, managing director of Compliance First, part of SimplyBiz, commented: “There isn’t an area of our industry which will be untouched by the current – and growing – levels of vulnerability amongst consumers. The fair treatment of vulnerable clients was already an important issue for the financial services sector, but the Covid-19 pandemic cut a swathe through our societal wellbeing, forcing a focus on financial, physical and mental health like never before.
“It’s vital to help financial advisers and mortgage brokers understand more about recognising and supporting vulnerable clients, and we believe that the most effective way to do this will be through unifying efforts and resources across the sector. As the UK’s largest support provider to financial advisers, SimplyBiz is delighted to be at the forefront of working with the Financial Vulnerability Taskforce by encouraging early adoption of its Charter amongst our membership. We support its aims of delivering positive, fair, outcomes to all and improving consumer access to advice, and look forward to playing our part in this important initiative.”
Keith Richards, chair of the Financial Vulnerability Taskforce, added: “Our profession must be given the mechanisms and support to unite behind a visible commitment to clients in vulnerable circumstances via an independent Charter to demonstrate that we are a trusted ‘safe pair of hands.’
“The current regulatory focus on vulnerability provides a timely opportunity as a united profession to change public perception through the way in which we consciously deal with those in vulnerable circumstances and address perceptions or the unconscious reality of commercial conflicts of interest.
“We are delighted to be working with SimplyBiz to complement their support to members and I encourage all individuals and firms across the financial planning and advice profession to adopt the charter and publicly display commitment via a new digital logo.”
