Why advisers say Consumer Duty will help vulnerable clients

Advisers say client communications and outcomes need to be bespoke

Julia Bahr
clock • 6 min read

There are significantly more vulnerable adults across the UK than there were before the Covid-19 pandemic, Julia Bahr finds. Advisers are hopeful Consumer Duty will make it easier to help them

There are about 28 million financially vulnerable adults living in the UK, according to data published by the Financial Conduct Authority (FCA) last year. Before the pandemic struck, that figure was less than 4 million the data also showed. The regulator determines vulnerable customers as those who need special consideration due to health, life events, financial resilience, and capability. Chapters Financial Chartered financial planner Keith Churchouse says the issue of vulnerable clients has been a significant topic in recent times and heightened further by the real effects of the...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA urged to prioritise a 'common sense' approach

FCA urged to prioritise a 'common sense' approach

Last week’s PA Asks poll highlights industry’s thoughts on the FCA

Sahar Nazir
clock 25 March 2024 • 2 min read
Advisers overlooking younger clients over asset value bias

Advisers overlooking younger clients over asset value bias

'Young people need to have access to trusted advice'

Sahar Nazir
clock 22 March 2024 • 1 min read
Financial advice crucial as near-term challenges remain

Financial advice crucial as near-term challenges remain

'A good IFA has rarely been more valuable'

Ahmed Bawa
clock 22 March 2024 • 4 min read