The Financial Vulnerability Charter
Will Loughton today announced that ‘Loughtons’ have pledged our support to the Financial Vulnerability Taskforce’s new Charter. It is aimed at protecting those who are in vulnerable circumstances, to give them confidence when dealing with a financial planning firm and ensure that they will be treated fairly and responsibly. We welcome the opportunity to demonstrate our focus in this area and look forward to learning and developing with the FVT.
What is the Financial Vulnerability Taskforce?
The Financial Vulnerability Taskforce is a newly created independent and inclusive representative body covering the personal finance sector. Its ultimate purpose is to promote greater understanding of vulnerability, encourage appropriate behaviours and establish good practice amongst personal finance professionals in respect of people who find themselves in vulnerable circumstances.
What is the Charter?
The Charter sets out guidance for firms on how to best serve those clients in vulnerable circumstances. It encourages firms to implement plans and policies to best suit those in different vulnerable circumstances and requires them to commit to enact and actively support the 9 statements of the Charter.
These statements are surrounding the following subjects:
- Making advice easier to understand
- Placing your interests above all else
- Understanding how your circumstances might make you vulnerable
- Not making assumptions about you
- Not labelling you
- Dealing with you sensitively
- Adapting processes and maintaining your confidentiality
- Ensuring staff are knowledgeable and appropriately trained
- Taking appropriate action if you are in harm’s way
To see all the statements in depth, use the link here.
If you would like to discuss any of the points above and have any questions on the subject, please do not hesitate to send us and email to [email protected] with your details and one of our team will be happy to get back to you.
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Important Information
The views and opinions contained herein are those of Loughtons Independent Financial Advisers and may not necessarily represent views expressed or reflected in other economic communications, strategies or funds.
This document is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Loughtons Independent Financial Advisers does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. This does not exclude or restrict any duty or liability that Loughtons Independent Financial Advisers has to its customers under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system.
Loughtons Independent Financial Advisers is a trading name of JPRS (South West) Limited. JPRS (South West) Limited is authorised and regulated by the Financial Conduct Authority.