SimplyBiz has confirmed that it will be working with the recently launched independent Financial Vulnerability Taskforce.

The business support services firm said the move is in order to help tackle what the compliance has described as a ‘vulnerability epidemic’.

Launched in January this year, the Financial Vulnerability Taskforce is an independent body working across the financial services sector to address various forms of consumer vulnerability, improve client outcomes and increase access to financial advice.

SimplyBiz stated it will be encouraging its member firms to adopt the Taskforce’s nine point charter, running joint events to discuss the work and objectives of the body and supporting the research and educational initiatives undertaken by the Taskforce.

Managing director of Compliance First, which is part of SimplyBiz, Janice Laing, commented: “The fair treatment of vulnerable clients was already an important issue for the financial services sector, but the COVID-19 pandemic cut a swathe through our societal wellbeing, forcing a focus on financial, physical and mental health like never before.
 
“It’s vital to help financial advisers and mortgage brokers understand more about recognising and supporting vulnerable clients, and we believe that the most effective way to do this will be through unifying efforts and resources across the sector.”
 
Chair of the Financial Vulnerability Taskforce, Keith Richards, added: “The current regulatory focus on vulnerability provides a timely opportunity as a united profession to change public perception through the way in which we consciously deal with those in vulnerable circumstances and address perceptions or the unconscious reality of commercial conflicts of interest.

“We are delighted to be working with SimplyBiz to complement their support to members and I encourage all individuals and firms across the financial planning and advice profession to adopt the charter and publicly display commitment via a new digital logo.”

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