Financial Vulnerability Charter

Financial Vulnerability Charter

Hammond Raggett is pleased to announce its commitment to the Financial Vulnerability Charter which demonstrates our commitment to the fair treatment of clients.

The Vulnerability Taskforce is in place to promote greater understanding, encourage appropriate behaviours and establish good practices in respect of consumer vulnerability.

The nine commitments of the Financial Vulnerability Charter, that we have committed to are:

1. Making advice easier to understand

Recognising that many consumers will find it difficult to understand many of the technical and specialist concepts and terms used in financial planning, firms and advisers will go out of their way to explain things in an accessible way. They will only proceed once they are satisfied that their client fully understands the implications of the advice being given.

2. Placing your interests above all else

As a client, at all times your needs will take priority over the financial interests of the firm or adviser and they will always use their best endeavours to provide an appropriate, personalised service for all their clients.

3. Understanding how your circumstances might make you vulnerable

Firms and advisers will understand that vulnerability can be physical, mental, emotional or simply the result of a lack of understanding. Being dynamic in nature, it may be short-lived or longer term, sometimes permanent, transient, recurring or fluctuating over time and may be hidden. Firms and advisers committed to the Charter will act appropriately and with sensitivity in each case.

4. Not making assumptions about you

All clients will be treated fairly, regardless of their identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief and they will guard against making assumptions about you.

5. Not labelling you

Using appropriate language is important. For example, adopters of the Charter recognise that vulnerability relates to circumstances and not to a category of person and will not seek to label you as a vulnerable person but as someone who is currently in vulnerable circumstances.

6. Dealing with you sensitively

They will understand that people in vulnerable circumstances are often unaware of their vulnerability and, where they are aware, might not acknowledge it nor wish to be described as vulnerable. Firms and advisers will therefore acknowledge a heightened professional obligation towards those in vulnerable circumstances and the need for raised awareness, greater sensitivity, and additional technical competencies.

7. Adapting processes and maintaining your confidentiality

If you are considered to be in vulnerable circumstances, you will be encouraged to recognise your vulnerability, safe in the knowledge that business processes and professional services will be adapted so that you do not suffer detriment at any point. You can also expect outcomes to be achieved that are at least as good as for those who are not in vulnerable circumstances. They will also maintain confidentiality and ensure behaviours are fully compliant with all relevant legislation.

8. Ensuring staff are knowledgeable and appropriately trained

Firms and advisers who commit to the Charter will make sure all members of their organisations deal compassionately, empathetically and effectively with those in vulnerable circumstances by raising awareness of vulnerability and by providing appropriate training in supporting those in vulnerable circumstances.

9. Taking appropriate action if you are in harm’s way

In those rare situations where it is recognised that a client in vulnerable circumstances may be in immediate danger of significant abuse or harm, or may need immediate support, action will be taken to mitigate the risks they face including contacting the appropriate authorities if necessary. Examples of abuse or harm include inappropriate pressure from a third party and scams.

 

 

Find out more about the Financial Vulnerability Taskforce at www.fvtaskforce.co.uk