Scrutton Bland join taskforce to protect vulnerable clients

February 2, 2021

As part of their ongoing objective to ensure all their clients receive a first-class service, Scrutton Bland Financial Services Ltd, also known as Scrutton Bland, are pleased to announce that they have joined the Financial Vulnerability Taskforce and adopted its Charter.

The Financial Vulnerability Taskforce is a newly created independent body covering the personal finance sector. Supported by the Personal Finance Society, its ultimate purpose is to promote greater understanding of vulnerability, encourage appropriate behaviours and establish good practice amongst personal finance professionals in respect of people who find themselves in vulnerable circumstances.

Advisers, financial planners and firms who adopt the Charter of the Taskforce agree to abide by nine commitments, which include: making financial advice easier to understand, placing the client’s interests above everything else, dealing with them sensitively and not labelling them, not making assumptions about a client, and ensuring staff are knowledgeable and appropriately trained to deal with clients who may be vulnerable.

Grant Buchanan, Financial Planning Partner, commented on the way that the COVID-19 pandemic has meant his team have re-evaluated their approach to how they look after vulnerable and potentially vulnerable clients: “We recognise that the lockdown measures have meant that there are now more clients who may be at risk of becoming vulnerable, including through isolation, mental health issues or anxiety. Whilst we have always had a number of measures in place to look after vulnerable clients, this new initiative brings them together, enabling us to provide a level of consistency in the quality and appropriateness of the advice we give.”

Scrutton Bland recognition of the needs of vulnerable clients is echoed by the Financial Conduct Authority, which has publicly stated that it wants financial firms to be “more focused on ensuring that the outcomes experienced by vulnerable consumers are at least as good as those of other consumers”.

Grant Buchanan continues: “Good financial advice for vulnerable people means dealing with highly qualified independent advisers who have their best interests at heart. Clients need to be sure that whatever their situation and circumstance, we will look after them with the greatest care.”

Scrutton Bland can advise on all aspects of wealth management and financial planning, including but not limited to: pensions, cashflow modelling, investment for income, retirement planning and Inheritance Tax.

Scrutton Bland is a trading name of Scrutton Bland Financial Services Ltd and is authorised and regulated by the Financial Conduct Authority. Our FCA registered number is 209451.