Today, 18th August 2020, Investment & Retirement Solutions Ltd has published a slightly revised version of our Vulnerable Persons Policy.
Our regulator, The Financial Conduct Authority explain vulnerability with the following statement: “A vulnerable consumer to be someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”
We recognise that vulnerability is a broad spectrum of risk and occurs in a variety of ways which may be permanent, temporary, or even sporadic, dependent on its nature. In many circumstances, the individual may not recognise themselves as ‘vulnerable’.
As part of our commitment to continuous improvement we’ve recently reviewed our original policy and made a few changes. Most of the changes are aesthetic, improving the word flow, however we’ve now added in a section which explains how we plan to try and measure the success of our policy and identify opportunities to further improve how we work with vulnerable clients.