Advisers must work to protect already vulnerable clients from scams, while acknowledging that a fraud event can make any customer vulnerable “in an instant”, attendees at a conference heard.
Speaking on a panel last Thursday (21 October), Rathbones Group chief risk officer Sarah Owen-Jones shared that the business has seen recent instances of "criminal conduct" against its clients. "In these situations, we have to act very quickly, but quite often… it's [through] somebody the client trusts, that has got the knowledge of the client, to be able to ask one extra question that flushes out that a fraud is underway." Owen-Jones highlighted two sides to the coin when it comes to fraud and vulnerability. Clients who are already vulnerable can be particularly at risk of falling vi...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes