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Publication date:
23 February 2021
Last updated:
25 February 2025
Author(s):
Personal Finance Society
In response to the FCA’s guidance for firms on the fair treatment of vulnerable customers (published today), Keith Richards, chief executive of the Personal Finance Society and Chair of the Financial Vulnerability Taskforce, said: “The FCA is crystal clear in their expectation that firms need to be able to demonstrate how their business model, the actions they have taken and their culture ensure the fair treatment of all customers, including clients in vulnerable circumstances.
“At the heart of this sits the principles of fair treatment and inclusion for all – something the Personal Finance Society and Financial Vulnerability Taskforce members are passionate about, due to our remit to secure and justify the public’s trust in our profession.
“The last year has been difficult for everyone, but the recent FCA Financial Lives research sets out the scale of impact Covid-19 has had on our lives, with 27.7 million people now showing characteristics of vulnerability.
“It is important that firms don’t just develop a culture of feedback and learning from their own frontlines but unite as a profession to share good practice with their peers, which was why we launched the Financial Vulnerability Taskforce. We look forward to continuing our work with the FCA in this space.”
In January 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.
Based on a consumer guide and an aligned charter which individuals and firms can adopt, the Financial Vulnerability Taskforce aims to also address some of the stigma associated with categorising people as vulnerable, rather than recognising the vulnerable circumstances we all face in life.
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 nine core consumer guide pledges.
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.
