Financial Planning Forum

The CDA Board will establish a forum consisting of invited practitioners for the creation of good practice guides and methodologies supporting the wider development of financial planning as a practice and aligned to a firm's Consumer Duty objectives.

The Forum will be chaired by Nick Cann BEM. Nick was previously Chief Executive of the Institute Financial Planning for 18 years and is a recognised leader in the sector financial planning. Having survived a stroke and Aphasia 10 years ago, he's now a Stroke Association volunteer.

  • Nick Cann BEM

    Nick Cann BEM

Technology Forum

This Forum will explore how technology can help firms to meet Consumer Duty requirements, for example evidencing the delivery of good client outcomes.

It will be chaired by Ian McKenna, "FinTech evangelist", and is open to all Alliance members with an interest in FinTech and getting Ian's insight on developments in other countries.

Ian says “There are a number of forums and groups that support advisers who are active adopters of technology, but we want to help those who are keen to adopt technology but are seeking help with the practicalities."

Links to audio recordings of previous Technology Forums

 

  • Ian McKenna

    Ian McKenna

    Ian McKenna is CEO of Financial Technology Research Centre (FTRC) which he founded in 1995. A boutique consultancy the firm focuses on how personal finance organisations can communicate more effectively with their customers and help them take better financial decisions. As part of this work the firm work with many of the UK’s leading long-term savings institutions, financial advisers and technology providers to identify emerging technologies that can transform customer relationships. More recently the firm has added its own InsureTech and RegTech ventures to help advisers ensure they help consumers find the life insurance and workplace pensions solutions that best meet the needs.

    In addition to developing a UK view Ian travels extensively to identify similar trends around the world and the lessons that can be learned from other countries.

 

 

 

 

 

 

 

The Financial Vulnerability Taskforce Charter

The Financial Vulnerability Taskforce created this Charter in 2021 and it has over 1,000 firms (circa 4,000 members) using the Charter badge to augment their own approach to vulnerability.

It focuses specifically on vulnerability and forms a key part of the Consumer Duty Alliance Code of Professional Standards. We produced it as a standalone document to reflect the importance of vulnerability, originally specific to financial planning, then revised it in January 2024 to make it relevant to the retail finance, legal and accountancy professions.

The ten statements (listed below) of the Financial Vulnerability Taskforce Charter underpin the Taskforce’s work and we expect that our supporters commit to enact and actively support them.

Register your support for the Charter and you’ll receive a unique digital badge for your communications, a Consumer Guide and supporting documentation. Find out more by completing this form. This is a voluntary Charter, please ensure you are fully aware and comply with any requirements placed upon you by your firm.

As professionals working in or with any of the UK retail finance, legal or accountancy sectors:

  1. We recognise that people not familiar with using professional services may experience stress or anxiety when doing so, making them more dependent upon us for our specialist knowledge. This increases our moral duty to provide a safe pair of hands, in addition to our professional obligations to act in a client's best interests.
  2. We accept that clients in vulnerable circumstances are potentially at increased risk of detriment, placing greater significance on our professional obligation to use all reasonable endeavours and place our clients’ interests above our commercial interests.
  3. We commit to ensuring that at the earliest opportunity we will explain to clients what will happen during the delivery of our services and how much it is likely to cost at any given point. We will then keep them up to date, so they understand what is happening at any given moment.
  4. We recognise that vulnerabilities can be physical, mental or emotional (knowingly or otherwise), are dynamic in nature (short lived or longer term, sometimes permanent, transient, recurring or fluctuating over time) and may be hidden.
  5. We treat all our clients and potential clients in a way that encourages equality of opportunity and respect for diversity, regardless of their identity, age, gender, gender reassignment, race, sexual orientation, disability, religion or belief. We also guard against making assumptions about individuals.
  6. We believe language and terminology are important. Vulnerability relates to circumstances and not a category of person. As such we will use descriptions such as ‘those in vulnerable circumstances’ instead of ‘vulnerable individuals’ except when referring to individuals or groups of individuals where the nature of their vulnerability is permanent. We also commit to using clear, and wherever possible jargon free language.
  7. We recognise that those in vulnerable circumstances are often unaware of their vulnerability and if they are aware, might not acknowledge it nor wish to be described as vulnerable. We therefore accept our heightened professional obligations towards these clients including the need for raised awareness, greater sensitivity and additional competencies.
  8. We seek to recognise clients in vulnerable circumstances and encourage all to self-declare, safe in the knowledge that we will:
    1. Adapt our professional services and supporting business processes so they do not suffer detriment at any point as we seek to deliver outcomes at the same level as for those who are not in vulnerable circumstances.
    2. Maintain confidentiality and ensure our behaviours and actions are fully compliant with all relevant legislation and data protection rules.
    3. Embed the above as our customary way of dealing with clients, and not simply as a tick box exercise.
  9. We seek to enable all members of our organisation to deal compassionately, empathetically and effectively with those in vulnerable circumstances by raising awareness of vulnerability and by providing training in appropriate methods of engagement and the effective discharge of our professional services.
  10. When we encounter clients in vulnerable circumstances and recognise that they may be in immediate danger of significant abuse or harm, or may need immediate support, we will take action to contact the appropriate authorities to mitigate the risks they face.

The Bereavement Standard for Intermediaries

Following the publication of The Financial Vulnerability Taskforce’s two bereavement guides, for consumers and intermediaries, its parent body The Consumer Duty Alliance has created a voluntary set of bereavement standards.

The Bereavement Standard aims to define what good practice looks like when a firm supports the recently bereaved, in terms of what the firm will do and how it will do it. 

Register your support for the Bereavement Standard and you’ll receive a unique digital badge for your communications. Whilst the Standard is voluntary, please ensure you are fully aware of and comply with any requirements placed upon you by your firm.

The Standard is a standalone initiative but can also be used in conjunction with the Financial Vulnerability Taskforce Charter and Consumer Duty Alliance Code of Professional Standards, each with its own unique badge and Consumer Guide.

The Bereavement Standard


As professionals working in The UK retail finance sector:

  1. We will always deliver our services in line with the FCA's Consumer Duty requirements.
  2. We will always be sensitive in our use of language when communicating with our clients, their next of kin and family members and aim to mirror the terminology used by them. We understand some bereaved people prefer to use direct language, referring to their loved one as having ‘died’, whilst others prefer to use softer euphemisms such as ‘passed’ or ‘passed away’.
  3. Upon hearing of the death of a client or family member, we will issue a ‘bereavement pack’ that will include practical information and guidance, within a timescale specified within our service level agreements.*

When it's our client who has died:

  1. We will promptly acknowledge all correspondence from the client’s family, as well as executors/administrators or solicitors involved in the estate of our client, within the timescales specified within our service level agreements.
  2. Wherever possible, we will ensure the bereaved person or family has access to an individual or adviser within our firm who has received bereavement awareness training, so that there’s a knowledgeable and empathetic person to speak with at all times.**
  3. We will offer our client’s family an initial meeting, at a convenient time, to outline how we can help support them and ease the administrative and emotional burden during this difficult time.
  4. We will work collaboratively and efficiently upon request with:  
      • the executors of the estate in matters relating to probate, letters of administration and estate management.
      • other relevant parties such as solicitors and accountants.
  1. Subject to appropriate authority, we will request date of death valuations from investment/pension providers and confirm applicable probate thresholds and documentation requirements.
  2. We periodically review our dealings with the bereaved family to improve our service. Where appropriate, we may invite feedback at a later stage, ensuring sensitivity at all times to the family’s circumstances and readiness.

* In support of Standard 3, please feel free to use The FVT Good Practice Guide - Practical help and support for those who have been bereaved.

** In support of Standard 5, the National Bereavement Service (NBS) provides specialist CPD-accredited bereavement training that equips financial sector professionals with the knowledge and skills to provide compassionate, empathetic, and effective service to clients navigating bereavement, grief and loss. Find out more about this training and how to sign up for it here.
The National Bereavement Service is offering all CDA members a £5 discount on the training cost. Just enter CDA5 in the Coupon box on the booking form.

Alternative providers of grief and bereavement training can be found here.

 

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