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

  • 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

Thousands of PFS members respond to CII takeover consultation

Thousands of PFS members respond to CII takeover consultation

Responses showed ‘passion and strength of feeling’ among members

Jenna Brown
clock 27 January 2023 • 2 min read
Continuum reports record jump in number of new advisers

Continuum reports record jump in number of new advisers

Ambitious growth plans to become ‘a true household name’

Laura Miller
clock 26 January 2023 • 2 min read
Just reports new business sales up 17% led by DB arm

Just reports new business sales up 17% led by DB arm

Completed its largest DB de-risking transaction to date in July

Laura Miller
clock 26 January 2023 • 2 min read