We’ve signed up to the Financial Vulnerability Taskforce. This is what it means for you

Financial advice and planning are for everyone, and that certainly includes clients who might be considered “vulnerable” for any reason.

The Financial Conduct Authority (FCA), the UK’s financial regulator, defines those in vulnerable circumstances as “someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.”

The regulator also lays out guidance for how all financial firms should approach those in vulnerable circumstances, including:

• Understanding their needs
• Ensuring that staff have the skills and capability to recognise and respond to the needs of those in vulnerable circumstances
• Responding to specific needs of clients
• Monitoring and assessing whether they are meeting and responding to those needs, and making improvements where this is not happening.

At Britannic Place, we aim to fully embody and deliver on these principles. That’s why we’ve recently signed up to the Financial Vulnerability Taskforce (FVT), an independent body committed to improving standards of financial advice in respect of client vulnerability.

Find out what it means for us to be a member of the FVT, and how it can give you the confidence that we’ll always work in the best interests of you and your family.

Promoting understanding, behaviours, and good practice in financial advice

Founded in 2021, the FVT was created with the support of the Personal Finance Society (PFS), the UK’s professional body for the financial advice industry, to promote a more conscious and thoughtful approach to the way that financial firms deal with those in vulnerable circumstances.

The FVT has three core principles that members must adhere to when it comes to financial vulnerability. These are to:

1. Promote greater understanding
2. Encourage appropriate behaviours
3. Establish good practice.

To achieve these goals, the FVT has created a Charter of nine statements that members must commit to. The table below outlines the nine statements included in the Charter:

Source: Financial Vulnerability Taskforce

Our services help those in vulnerable circumstances to understand and organise their finances

As a supporter of the taskforce at Britannic Place, we are fully committed to the FVT’s Charter. These principles directly align with the way we have always treated those in vulnerable circumstances, and so has been organically built into our processes without the need to overhaul our services.

The work we do is not only in line with these principles, but is also incredibly valuable to those that it seeks to protect. In fact, we published a blog about this in 2021, discussing how our range of services can support those in vulnerable circumstances.

Whether that’s explaining difficult concepts in simple language or helping them to protect their money from those that might seek to do them harm, those in vulnerable circumstances and their families can have the peace of mind that their money is carefully protected when they work with us.

Our team is knowledgeable and well-prepared to help all clients, regardless of any vulnerable characteristic they may have.

Get in touch

If you’d like to find out more about our work as a member of the FVT, please do speak to us today.

Email info@britannicplace.co.uk or call 01905 419890 to get in touch.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.