Themis Joins the Financial Vulnerability Taskforce

We are delighted to let you know that Themis have recently joined the Financial Vulnerability Taskforce. Organised by the Personal Finance Society, this aims to support our profession better to recognise and address the various forms of consumer vulnerability, improve client outcomes and increase access to financial advice.

The Taskforce will promote greater understanding of clients in vulnerable circumstances and encourage appropriate behaviour through the sharing of good practice while also addressing the expectations of regulatory standards and public expectations.

By adopting the Financial Vulnerability Charter, we have committed to nine core pledges:

1. Acknowledge our services involve the application of specialist and technical financial knowledge, which places many clients in a position of dependency.
2. Ensure clients’ interests are placed above commercial interests.
3. Recognise vulnerability can manifest itself in physical, mental or an emotional form, is dynamic in nature (short lived or longer term, sometimes permanent, transient, recurring or fluctuating over time) and may be hidden.
4. Treat all clients fairly, regardless of their identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief, and guard against making assumptions about the characteristics of individuals.
5. Be aware that language is important and that vulnerability relates to circumstances and not a type of person. Recognise people in vulnerable circumstances could be unaware of their vulnerability and, if they are aware, may not wish to be described as vulnerable.
6. Accept heightened professional obligations towards clients in vulnerable circumstances; and the need for raised awareness, greater sensitivity and additional technical competencies.
7. Encourage clients to self-declare any vulnerability safe in the knowledge the advice they receive will be as good as that received by those who are not in vulnerable circumstances, confidentiality will be maintained and the way they will be treated will be fully compliant with relevant legislation including The Equality Act 2010, Consumer Protection regulations, the Mental Capacity Act 2005 and General Data Protection Regulation.
8. Provide training to everyone within the organisation on appropriate methods of engagement and the effective discharge of professional services to clients in vulnerable circumstances.
9. Recognise clients in vulnerable circumstances who may be in immediate danger of significant abuse or harm and contact the appropriate authorities to mitigate the risks they face.

Joining the Taskforce gives us access to subject matter experts plus a resource library from the Personal Finance Society, which contains information about the latest scams targeting clients in vulnerable circumstances, the latest regulatory guidance and links to agencies that can assist clients at risk of abuse.

With the current pandemic making many people feel more vulnerable, we welcome this initiative from the PFS and the extra support it gives us to make sure we safeguard, support and advise our clients, no matter what your circumstances. With this added recognition, you can be sure we are working with others in our industry to help prevent scams and fraud, and that with Themis, you and your investments are in a safe pair of hands.

For more information visit: www.fvtaskforce.co.uk