Advisers warned to watch for vulnerability
Training provider Strategi has released a white paper it says is designed to help advice providers identify and cater for such clients.
“The Financial Markets Authority (FMA) released an information sheet in June highlighting its expectations that financial services firms prioritise a review of customer vulnerability practices in light of the Covid-19 crisis,” said executive director David Greenslade.
“The increased financial pressure on individuals created by the pandemic means there are likely to be more clients around exhibiting signs of vulnerability due to income shocks, or health implications.
“Add to this New Zealand’s changing demographics, including its ageing population and growth in minority communities as noted by the FMA in its Strategic Risk Outlook and it appears likely the number of vulnerable clients needing extra assistance and consideration will be on the rise.”
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