Vince Smith-Hughes: Exploring retirement planning for vulnerable clients

Practical steps for firms

clock • 5 min read

Vince Smith-Hughes looks at vulnerable client care during the retirement planning process. Something, he says, that should be at the heart of every advice firm and not just a tick-box exercise...

Let's start with a straightforward question - who is a vulnerable customer? Well, the answer is anyone, potentially. What's more, in the context of a global pandemic and with all of the terrible news we have seen over the last 18 months, there may be more people than before who find themselves in a more vulnerable position. Indeed, the Financial Conduct Authority (FCA) in its Financial Lives coronavirus panel survey, carried out in October 2020, found that 53% of adults displayed a characteristic of vulnerability. That's an increase of more than 3 million since February 2020, and it f...

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 Retirement

PA360: The 'human' element of retirement planning becoming ever more important

PA360: The 'human' element of retirement planning becoming ever more important

Retirement panel on client-centric approaches

Isabel Baxter
clock 02 May 2025 • 3 min read
'Urgent action' needed on Gen Z pension saving barriers: PPI report

'Urgent action' needed on Gen Z pension saving barriers: PPI report

Generation faces retirement challenges

Jasmine Urquhart
clock 26 February 2025 • 3 min read
Advisers concerned about regulatory scrutiny in decumulation phase

Advisers concerned about regulatory scrutiny in decumulation phase

Retirement planning ‘dominates’ client advice requests

Isabel Baxter
clock 27 November 2024 • 3 min read