The FCA published this week consultation on vulnerable clients, and the treatment of them by retail financial services. However the final rules pan out – it is clear that we need to do more.
So timely then that BAT has released its new vulnerability checker.
We are precisely checking vulnerability of each client in a client pop up on BAT. This enables you to view and record action taken to assess the client. If you employ staff, you want to see a fair spread of their clients classified as vulnerable, and mitigating action being taken to work with them. It is not difficult, and the vast majority of advisers do this anyway, - but in their heads, so it is just a question of documenting this process to ensure that the firm can prove that it has been done.
The FCA also expects firms to implement processes to evaluate where the needs of vulnerable consumers are not met. IFAC will be picking up the vulnerability piece on their annual audits with firms.
https://www.youtube.com/watch?v=4bzWGNBJregWatch 60 second video here on how to use BAT vulnerability app: