Healthy, Wealthy… & Vulnerable?

In this interview session, Keith shares valuable insights into how firms should respond to the needs of clients in vulnerable circumstances, what good practice looks like and how this helps to meet the requirements of Consumer Duty. Importantly, we discussed both the compliance and cultural aspects of the regulation, how this differs from what’s gone before and what firms can do to demonstrate better outcomes for clients.

By viewing this session, you’ll be able to:

- Recognise the link between Consumer Duty and vulnerability

- Understand the role of the Consumer Duty Alliance

- Discuss the cultural and compliance aspects of the regulation in the context of previous and current guidance

Tim explores the concept of whether wealth protects people from vulnerability or, conversely, is the cause for potential vulnerable circumstances. He also looks at how living in an ‘instant’ society can impact our capability and resilience and what this, combined with normal cognitive ageing, might mean for how people cope in their retirement.

By viewing this session, you’ll be able to:

- Understand the links between wealth and drivers of vulnerability

- Discuss the impact of societal change on consumer vulnerability

- Consider the aspects of financial and non-financial resilience

The Consumer Duty makes it clear that all clients should receive good outcomes, including those in vulnerable circumstances. Whilst vulnerability isn’t confined to those in later life, it is important to understand and respond to characteristics and circumstances that may be present. Capacity in later life can fluctuate, so knowing how much assistance is needed and how this can vary depending on the specific decision is important. In this session, Tish covers how to approach some sensitive issues, the role and duties of attorneys and what firms can do to protect clients from foreseeable harm in later life.

By viewing this session, you’ll be able to:

- Understand consumer challenges in navigating financial services whilst in vulnerable circumstances

- Recognise the responsibilities of substituted decision-makers

- Discuss how to assist clients with reduced capacity to make decisions

This session is designed to challenge the thinking around consumer vulnerability and the perceptions that the terminology can lead to. Robin takes us through the key points of the regulation and translates these into practical action that you can take. Using the principles of the Financial Vulnerability Taskforce charter, he discusses ways to apply your technical and business know-how alongside the skills needed to provide a ‘safe pair of hands’. In particular, this session will explore ways to recognise and combat financial abuse and includes a case study which Robin will refer to.

By viewing this session, you’ll be able to:

- Understand the principles of the Financial Vulnerability Taskforce Charter

- Recognise areas of financial abuse and coercion and how to respond

- Understand the key areas of knowledge required to assist later life clients and their families

In this session, featuring all our guest speakers at the conference, we examined some of the themes highlighted in the preceding case study session and explored what actions can be taken to protect those in vulnerable circumstances. The panel highlighted some specific areas where care needs to be taken to protect a client’s wealth and wellbeing. We also looked at some of the real practical issues that advisers and clients are facing.

Speakers - left to right on screen:

• Jenny Cadman - Head of Customer Experience, Just
• Tim Farmer - Co-founder and Clinical Director, Comentis
• Robin Melley - Chartered Financial Planner, Matrix Capital
• Tish Hanifan – Joint-Chair, Society of Later Life Advisers (SOLLA)
• Keith Richards – CEO, Consumer Duty Alliance
• Martin Lines – Development and Events Director, Just (host)

By viewing this session you’ll be able to:

• Recognise the importance of educating and assisting various parties in the advice process around vulnerability
• Examine the cash-flow assumptions required for later life clients
• Discuss the commercial aspects of assisting people in vulnerable circumstances