A ‘vulnerable client’ is defined by the Financial Conduct Authority (FCA) as “someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”

At Forrester Boyd Wealth Management, we have a specialist team of Independent Financial Advisers who are trained to identify and work with ‘vulnerable clients’ and their dependents, carers or professionals working alongside to support their needs.

What constitutes a 'vulnerable client'

A vulnerable client is not necessarily an elderly client. Certain life events can expose some clients to short-term vulnerability, such as (but not limited to):

  • Divorce
  • Death of a family member
  • Redundancy
  • Physical or mental illness
  • Sudden increase or decrease in financial circumstances
  • Poor credit history, such as ex members of Armed Forces
Pension faqs grandpa and girl playing

Other experiences may be more permanent in nature, such as:

  • Becoming a carer for a family member
  • Critical Illness
  • Mental Breakdown
  • Mental incapacity
  • Financial exclusion
  • Physical disability
  • Literacy skills
  • Financial inexperience

Our aim is to understand the needs of our vulnerable clients and provide advice and solutions that will meet their needs, whether short-term vulnerable or long-term vulnerable, which could often require planning for life expectancy beyond that of their family or carers.

The Financial Vulnerability Taskforce is an independent representative body covering the Personal Finance Sector whose ultimate purpose is to promote greater UNDERSTANDING, encourage appropriate BEHAVIOURS and establish GOOD PRACTICE in respect of consumer vulnerability.

It will act as an informed source of positive influence on both policymakers, professionals and the general public alike. In doing so, we hope that professionals working across the Personal Finance Sector are increasingly seen as a 'safe pair of hands', especially by those who find themselves in vulnerable circumstances.

Our team are trained to identify and work with vulnerable clients. In support of this, we have adopted the Financial Vulnerability Charter.

Find out more about the Charter and the 9 key statements that our advisers commit to.

Read more