The Financial Vulnerability Taskforce (FVT) has launched a good practice guide in partnership with Legal and General (L&G) that breaks down vulnerability into six messages for firms, in a bid to simplify and encourage understanding.
The guide – Assessing and supporting your firm's approach to clients in vulnerable circumstances – aims to offer guidance on a "simple but robust approach" and a good practice framework for advising clients in vulnerable circumstances, the FVT detailed. It aims to improve clarity for firms on the current state of play following the Financial Conduct Authority's (FCA's) findings from its latest vulnerability review. According to the review, many firms had taken positive action and made good progress in supporting vulnerable clients but the FCA found areas for improvement and flagged a ...
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