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

Do you really think the young are bypassing advice by choice?

Do you really think the young are bypassing advice by choice?

We could use a bit more empathy when it comes to potential future clients

Hope Coumbe
clock 20 May 2024 • 4 min read
Industry calls for an interest rate drop of 5% from Bank of England

Industry calls for an interest rate drop of 5% from Bank of England

The monetary policy committee will have its next meeting on 20 June

Hope Coumbe
clock 20 May 2024 • 1 min read
Property inheritance figures paint bleak tax picture for millennials

Property inheritance figures paint bleak tax picture for millennials

Millennials on course for an ‘inheritance tax bombshell’

Sahar Nazir
clock 20 May 2024 • 2 min read