Ensuring vulnerability is managed correctly is not only the right thing to do for clients and to ensure regulatory requirements are met but it is also essential for professional indemnity. Here Jonathan Barrett asks Collegiate Underwriting's Richard Turnbull about what professional indemnity (PI) insurance providers expect when it comes to advisers' vulnerability procedures...
Identifying a vulnerable client is much easier said than done. After all, clients rarely consider themselves vulnerable, and those who do may want to remain under the radar, using surprisingly effective coping mechanisms to hide their vulnerabilities. Even for trained clinical experts, identifying someone at risk of a more cognitive vulnerability can be far from easy, but firms should have their processes in place all the same, not only to evidence their assessment in the event of a claim but also to demonstrate to the regulator that they have been proactive in implementing better proced...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
