Financial Vulnerability Charter Announcement

We are proud to have had our adoption of the Financial Vulnerability Charter accepted by the Financial Vulnerability Taskforce. This reflects our commitment to clients and especially those who find themselves in a situation that would be classed as a vulnerable circumstance.

What is a vulnerable circumstance?

A vulnerable circumstance typically refers to a situation that creates ongoing stress or pressure on a client and means the person could easily make rushed or potentially flawed financial decisions or be more susceptible to financial harm from others. We strive to help support these clients and protect them whenever possible.

Who are the Financial Vulnerability Taskforce?

The Financial Vulnerability Taskforce is a newly created and independent professional body that covers the Financial Services industry. It’s goal is to encourage best practices in firms and particularly raise awareness of supporting those clients that are classed as being in a vulnerable circumstance.

The Financial Vulnerability Charter

As members of the Financial Vulnerability Charter, we have committed to the following 9 statements:

1. We acknowledge that our services often involves the application of specialist and/or technical knowledge and this places us with a moral duty to act in our client’s best interests.

2. We accept our professional obligation to place our client’s interests above our commercial interests, especially so when a client is in a vulnerable circumstance and at greater risk of detriment.

3. We recognise that vulnerability can manifest in a physical, mental or emotional form and can be short-lived, long term or permanent.

4. We treat all clients fairly, regardless of identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief.

5. We believe that language is important. Vulnerability refers to a circumstance and not a person.

6. We recognise that those who find themselves in vulnerable circumstances are often unaware of their vulnerability and/or might not want to be described as vulnerable. We therefore accept our need for raising awareness and for greater sensitivity here.

7. We seek to recognise clients in a vulnerable circumstance and encourage all to self-declare if appropriate. They can be safe in the knowledge that we will adapt our services accordingly, maintain confidentiality and see this as ‘business as usual’.

8. We enable all members of our firm to deal compassionately, empathetically and effectively with those clients that are in a vulnerable circumstance.

9. When we encounter clients in a vulnerable circumstance and recognise that they may be in immediate danger of significant abuse or harm, we will take action to contact the appropriate authorities to mitigate these risks that they face.

If you would like to read the Consumer Guide to the Financial Vulnerability Charter, you can do so here and if you have any questions at all about this announcement, please do not hesitate to contact our office, or your Watson Moore adviser directly.