Client vulnerability
Other findings within the survey found that only 9 per cent of advisers categorise more than 25 per cent of their clients as being vulnerable.
While 63 per cent categorised less than 10 per cent of their clients as being vulnerable.
Hepburn said: “The FCA said that based on what they define as a vulnerable client, 67 per cent could potentially be assessed as vulnerable, so if it feels as though there is a mismatch in terms of how many vulnerable clients advisers are identifying as opposed to how many they actually do have.”
She also said that she expected the percentage of an adviser’s client base which they identify as vulnerable to increase.
“It will be interesting to track this number going forward, because this is the first time that we have asked this question. I think we will see advisers begin identifying more vulnerable clients as they spend more time understanding this,” she added.
alina.khan@ft.com
