Hi everyone, today we have Keith Richards from The Financial Vulnerability Taskforce with me to talk about financial vulnerability and what we need to do as an industry to address this.

The Financial Vulnerability Taskforce is a professional body that has been set up to help consumers and advisers better understand what vulnerabilities are, and the good practices that should be followed to address these concerns. They have a Charter that contains 9 statements that members are expected to actively promote and support. Many firms are unsure of how to support vulnerable clients, but they may well already be doing so and just haven’t had the opportunity to recognise and write down what they are doing.

The key takeaways:

• Last year £137 billion was lost to financial fraud in the UK.
• Everyone is financially vulnerable now and/or in the future.
• Signposting can be a key part of supporting your vulnerable clients.

In the next episode I’ll be talking about insurance and the Armed Forces. Sometimes getting the insurance is quite straightforward, other times it can be pretty tricky. There will be some interesting case studies for you to hear about too.

Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our website, thanks to our sponsors Octo Members.

If you want to know more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course here.