Hamnett Wealth Management has committed to the Financial Vulnerability Taskforce Charter.
A newly created independent and inclusive representative body covering the personal finance sector, the Financial Vulnerability Taskforce is supported by the Personal Finance Society. Its ultimate purpose is to promote a 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.
At the heart of the initiative is a Charter which underpins the work of the Taskforce and sets out how professionals who commit to it, such as Hamnett Wealth Management, are expected to work with customers in vulnerable circumstances.
Jonathan Rowley, Director of Hamnett Wealth Management, said: “Signing up to the Financial Vulnerability Taskforce Chater means that people can be confident we will use our best endeavours to provide them with a service that recognises their unique circumstances and delivers the same outcomes that they would expect if they were not in vulnerable circumstances.”
Advisers, financial planners and firms who adopt the Charter agree to abide by nine commitments:
1. Making advice easier to understand
2. Placing your interests above all else
3. Understanding how your circumstances might make you vulnerable
4. Not making assumptions about you
5. Not labeling you
6. Dealing with you sensitively
7. Adapting processes and
8. Ensuring staff are knowledgeable and appropriately trained
9. Taking appropriate action if you are in harm’s way
Jonathan continues: “Vulnerability is something that can affect us all; through unexpected events such as illness, loss of employment, divorce or even the sudden acquisition of wealth through inheritance or a lottery win. While some health issues can lead to permanent vulnerability, fortunately in most cases it is a temporary phenomenon. But when it happens, you need to be assured that the professionals who support you fully understand its consequences and how best to continue to provide the highest quality service in these changed circumstances.”
You can find out more about the Financial Vulnerability Taskforce at: www.fvtaskforce.co.uk