Financial Vulnerability Taskforce

The Charter

The 9 statements contained in the Financial Vulnerability Taskforce’s (FVT’s) Charter underpin their work and sets out our commitments to Clients in vulnerable circumstances.

As professionals working in or with the UK Personal Finance Sector (for the full in-depth Charter, click here):

  1. We are a safe pair of hands.
  1. We place our clients’ interests ahead of our own commercial interests.
  1. We recognise that vulnerability can manifest itself in different forms, is dynamic in nature and may be hidden.
  1. We treat all Clients fairly, regardless of their identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief, and guard against making assumptions about individuals.
  1. We believe that language and terminology is important. Vulnerability relates to circumstances and not a category of person.
  1. We accept our heightened professional obligations towards clients in vulnerable circumstances; and the need for raised awareness, greater sensitivity, and additional technical competencies.
  1. We seek to recognise clients in vulnerable circumstances and encourage all to self-declare if appropriate, safe in the knowledge that we will:
    1. adapt our business processes and professional services, so our clients do not suffer detriment at any point
    2. maintain confidentiality and ensure our behaviours are fully compliant with all relevant legislation including The Equality Act (2010), Consumer Protection regulations, The Mental Capacity Act 2005 and data protection including GDPR.
    3. We see application of the above as ‘business as usual’, part of our raison d’être and not part of a separate compliance or ‘stand-alone’ exercise.
  1. We seek to ensure all of our staff are knowledgeable and appropriately trained to deal compassionately, empathetically and effectively with those in vulnerable circumstances by raising awareness of vulnerability.
  1. We will take action to contact appropriate authorities in order to mitigate risks for Clients if/when they are in vulnerable circumstances and recognise that they may be in immediate danger of significant abuse or harm, or may need immediate support.

Please feel free to take a look at the FVT’s PDFs and web-pages below:

Consumer Guide

The Charter in Action