Supporting vulnerable clients – putting theory into practice

In this IIL financial planning webinar, Richard Higgs, Adam Johnson and Ruth Power – winners of the recent Just’s Vulnerability Award – speak on their approach to client vulnerability within their firms, talking through some real case studies and examples that are designed to put the technical guidance around vulnerability into practice.

Description

When considering client vulnerability in the context of Consumer Duty, the FCA’s guidance for firms highlights the importance of not only understanding the needs of vulnerable customers, but in taking practical action, and continuous monitoring and evaluation. It is mentioned heavily throughout the Consumer Duty and in the Dear CEO Letter of 8 November 2023, asking wealth management firms to ‘Reassess the vulnerability status of their consumers based on the FCA’s guidance’.

A lot of resources and published training and support have focussed on the importance of this topic, the FCA’s expectations, and explaining the characteristics of vulnerability. But after completing the training and being able to identify signs of vulnerability, what happens next?

Some situations can be highly sensitive and will require an element of discretion. What support can you provide to your vulnerable clients? Does this change the way you work with them? How can you adapt your working practices? What does good practice look like? This webinar is focused on taking the guidance and theory and putting it into practice.

Learning objectives

• How to apply best practice in managing vulnerability
• Practical suggestions on how to support clients, based on real case studies
• Ideas for tools and resources to provide ongoing support

Speakers

• Richard Higgs, SOLLA Accredited Chartered Independent Financial Planner, Harold Stephens
• Adam Johnson, Director, St. James’s Place Wealth Management
• Ruth Power, Director of Business Development, Financial Management Bureau Ltd
• Chair: Anna Pollins, Head of Practice Development, Raymond James