We take our responsibility as advisers seriously, treating all clients with courtesy and respect, irrespective of circumstances. This is reflected in our commitment to the Personal Finance Society’s Financial Vulnerability Taskforce’s Nine Principles, designed to protect those experiencing vulnerable circumstances from irresponsible advice.

PFS Financial Vulnerability Taskforce – Nine Principles

1. Financial services often involve the application of specialist and technical knowledge, this places many clients in a position of dependency and as such imposes upon us a duty to act in their best interests.

2. We have an obligation to use ‘best endeavours’ and place our clients’ interests above our commercial interests.

3. We recognise that vulnerability can manifest itself in either physical, mental or emotional form (knowingly or otherwise), is dynamic in nature (short-lived or longer-term, sometimes permanent, transient, recurring or fluctuating over time) and may be hidden.

4. When working with clients who seek to access our services, we treat all fairly, regardless of their identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief, and guard against making assumptions about individuals.

5. We believe language and terminology is important. Vulnerability relates to circumstances and not a category of person. As such, descriptions such as ‘those in vulnerable circumstances’ should be used at all times instead of ‘vulnerable individuals’, except when only referring to individuals or groups of individuals where vulnerability is permanent.

6. We recognise people in vulnerable circumstances; are often unaware of their vulnerability, might not acknowledge it, or wish to be described as vulnerable. We, therefore, accept heightened professional obligations towards clients in vulnerable circumstances; and the need for raised awareness, greater sensitivity, and additional technical competencies.

7. We seek to recognise clients in vulnerable circumstances and encourage all to self-declare if appropriate, safe in the knowledge that we will:

1. adapt our business processes and professional services, so our clients do not suffer detriment at any point as we seek to deliver outcomes.

2. maintain confidentiality and ensure our behaviours are fully compliant with all relevant legislation including The Equality Act (2010), Consumer Protection regulations, The Mental Capacity Act 2005 and data protection including GDPR.

3. We see application of the above as ‘business as usual’ and not part of a separate compliance or ‘stand-alone’ exercise.

8. We seek to enable all members of our organisations to deal compassionately, empathetically and effectively with those in vulnerable circumstances by raising awareness of vulnerability and by providing training to all within our organisation.

9. When we encounter clients in vulnerable circumstances that may be in immediate danger of significant abuse or harm, or may need immediate support, we will take action to contact the appropriate authorities to mitigate the risks they face.

To learn more about the taskforce please visit –
https://www.thepfs.org/about-us/initiatives/financial-vulnerability-taskforce/

Please contact us for more information about WealthFlow’s commitment to the Financial Vulnerability Taskforce.

Patrick Christie
Graduate Trainee Financial Planner – WealthFlow
Patrick.Christie@wealthflow.com

This article is distributed for educational purposes and should not be considered investment advice or an offer of any product for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. Past performance is not indicative of future results and no representation is made that the stated results will be replicated. Errors and omissions excepted.

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Head Office & Consulting Rooms: 10 Charlotte Square, Edinburgh EH2 4DR.

Mail correspondence to our Central Scotland Admin Hub: WealthFlow Group Limited, PO Box 14947, Grangemouth FK3 3AU.

Authorised and regulated by the Financial Conduct Authority

For your protection, unresolved complaints can be referred to the Financial Ombudsman Service.

To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

WealthFlow Group Ltd. Registered in Scotland No SC635011. Registered Office: 10 Charlotte Square, Edinburgh EH2 4DR.

Head Office & Consulting Rooms: 10 Charlotte Square, Edinburgh EH2 4DR.

Mail correspondence to our Central Scotland Admin Hub: WealthFlow Group Limited, PO Box 14947, Grangemouth FK3 3AU.

Authorised and regulated by the Financial Conduct Authority

For your protection, unresolved complaints can be referred to the Financial Ombudsman Service.

To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

WealthFlow Group Ltd. Registered in Scotland No SC635011. Registered Office: 10 Charlotte Square, Edinburgh EH2 4DR.