Why wealth is not an insulator against vulnerability

'Time and again, we have seen that self-identification simply doesn't work'

clock • 4 min read

Jonathan Barrett spells out why wealth is not, and will never be, an insulator against vulnerability...

In December, the Financial Conduct Authority (FCA) presented a webinar on Consumer Duty: The next steps. During this session, data was shared on the approach of consumer investment firms to vulnerability, with head of consumer investments Kate Tuckley telling listeners that the FCA was "exceptionally concerned that firms are just not thinking widely enough on this topic". Expanding on this comment, Tuckley explained that firms are "taking a very narrow and potentially incorrect view," with many seemingly assuming that if a client is wealthy, they cannot be vulnerable. This assumption ...

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