Financial advisers have revealed the greatest challenges they face when advising clients in vulnerable circumstances.
An online poll of 165 PFS members showed the biggest barrier professionals face when trying to assist consumers was being able to openly discuss the nature of the individual’s vulnerability with them.
A total of 36% of the professionals polled in February said they struggle to talk about the nature of vulnerability with the individual affected.
Being able to assess cognition was identified as the biggest barrier to assisting clients in vulnerable circumstances by almost a third of the financial advisers who were surveyed.
One in 10 financial advisers revealed they struggle to identify vulnerability, and about one in five revealed they worry about grasping the needs of clients in vulnerable circumstances.
At the start of 2021, the PFS 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.
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.
For more information, visit: www.fvtaskforce.co.uk
