PFS responds to FCA Financial Lives survey
Publication date:
11 February 2021
Last updated:
25 February 2025
Author(s):
Personal Finance Society
Keith Richards, chief executive of the Personal Finance Society, said: “It is tragic to see so many adults plunging themselves into debt just so that they can eat or heat their homes. Covid-19 has shone a light on vulnerability and shown how we can all find ourselves in vulnerable circumstances in need of a safe pair of hands capable of showing us the way to greater financial security and improved mental wellbeing.
“The fact there are now 27.7 million adults in the UK with characteristics of vulnerability, up 15 per cent since the start of the coronavirus pandemic, shows why it is vital the profession examines how best to assist individuals suffering with poor health, with low financial resilience or coping with recent negative life events.
“Financial advisers can help the nation build back their financial resilience better. The Personal Finance Society and Financial Vulnerability Taskforce is engaged with the FCA on how firms should treat clients in vulnerable circumstances.”
At the start of 2021 the Personal Finance Society 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.
For more information visit: www.fvtaskforce.co.uk
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.
