Vulnerable Clients 1. Health

In February 2021, the Financial Conduct Authority issued guidance to financial firms called “Fair Treatment of Vulnerable Clients”.  It also set out the key drivers of vulnerability:

1. Health
2. Life Events
3. Resilience
4. Capability

Whilst we have always worked and offered services to consider all clients potential vulnerabilities.  Now that the FCA has documented the same, we are endeavouring to make continued improvements for staff awareness, identifying vulnerable client positions and offer guidance on the same to ensure the best out come for you on financial advice and your financial wellbeing.

1. Health – What do we do when assessing a client's financial advice needs and vulnerability based upon their health?

We will explore in our discussions with you, directly or indirectly topics such as:

• Physical Disability
• Severe Long-Term Illness
• Hearing and Visual Impairment
• Mental Health Conditions or Mental Disability
• Addiction
• Lower Mental Capacity or Cognitive Disability

We already offer disabled access to our offices, disabled meeting rooms and toilet/hygiene facilities.  We offered one of the first ‘visually impaired’ ‘hi-vis’ financial websites back in 2005.  We have been offering online, email and chat facilities for the hard of hearing for 20 years and we never offer products or services to people with lower mental capacity unless there is a guardian, trustee or power of attorney involved.  We have also been offering video/conference meeting facilities for those that prefer not to meet face to face or prefer not to leave their homes (such as has been the case with covid-19) for around 12 years now, long before ‘Zoom’ and ‘Teams’.

In terms of mental wellbeing, we are working towards a better understanding of what ‘shapes’ people, whether there is traumatic stress or even internal/hidden sadness.  We will offer support and try and offer guidance or ‘signposting’ to organisations that may be able to help if needed such as National Mind and the Samaritans.

That said, you also pay us to do a job for you, so we will not ‘duck the issue’ with you, we will raise ‘delicate’ subjects and listen to your views.  Looking after your financial wellbeing means we will always be honest and transparent in our fees and services.  We will always do our best when it comes to your financial and mental well being.

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