During these unprecedented times the number of ‘vulnerable clients’ is likely to increase due to the economic impact of the Coronavirus outbreak, emotional or family issues, and a change in health.

Schroders’ Financial Planning joint venture with Lloyds Bank - which turns one year old this month - has been prioritising vulnerable clients as it moves to full remote client meetings during the Covid-19 lockdown.

Savings sector trade body TISA and fintech Altus have launched an online self-assessment tool, the Vulnerability Radar, to help firms “understand and identify” how to support vulnerable customers. 

The Financial Planning Standards Board, the global body responsible for the Certified Financial Planner designation, has published its first Guidance Practice Note to support Financial Planning professionals working with vulnerable clients.