Financial Vulnerability Taskforce

The Financial Vulnerability Taskforce is an independent representative body created by the Personal Finance Society, with the ultimate aim of promoting greater understanding, encouraging appropriate behaviours, and establishing good practice in respect of customer vulnerability.

Cockburn Lucas recognise that our clients go through many different stages and events in their lives, and that certain events might mean that we need to take a different, more considered approach in how we work with them.

That is why we are proud to support the Financial Vulnerability Charter, which is a set of 9 principles that we adhere to in order to ensure safe outcomes for those clients who potentially find themselves in vulnerable circumstances, whether temporary or permanent.


The 9 principles are:

  1. 1. Being a ‘safe pair of hands’ - We acknowledge that as our services often involve the application of specialist and technical financial knowledge, this places many clients in a position of dependency and as such imposes upon us a greater moral duty to act in their best interests and as a ‘safe pair of hands’, especially to those who find themselves in vulnerable circumstances.
  2. 2. Placing clients’ interests above our commercial interests - We accept that our professional obligation to use ‘best endeavours’ and place our clients’ interests above our commercial interests have a greater significance to clients who are in vulnerable circumstances and, therefore, at greater risk of detriment.
  3. 3. Vulnerability - We recognise that vulnerability can manifest itself in either physical, mental or emotional form (knowingly or otherwise), is dynamic in nature (short lived or longer term, sometimes permanent, transient, recurring or fluctuating over time) and may be hidden.
  4. 4. Avoiding client assumptions - When working with clients who seek to access our services, we treat all fairly, regardless of their identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief, and guard against making assumptions about individuals.
  5. 5. We believe that language and terminology is important - Vulnerability relates to circumstances and not a category of person. As such, descriptions such as ‘those in vulnerable circumstances’ should be used at all times instead of ‘vulnerable individuals’, except when only referring to individuals or groups of individuals where vulnerability is permanent.
  6. 6. Our professional obligation to behave with sensitivity - We recognise that people in vulnerable circumstances are often unaware of their vulnerability and, if they are aware, might not acknowledge it nor wish to be described as vulnerable. We, therefore, accept our heightened professional obligations towards clients in vulnerable circumstances; and the need for raised awareness, greater sensitivity, and additional technical competencies.
  7. 7. Adapting processes to maintain confidentiality - We seek to recognise clients in vulnerable circumstances and encourage all to self-declare if appropriate, safe in the knowledge that we will:

We see application of the above as ‘business as usual’, part of our raison d’être and not part of a separate compliance or ‘stand-alone’ exercise.

  1. 8. Ensuring our staff are knowledgeable and appropriately trained - We seek to enable all members of our organisation to deal compassionately, empathetically and effectively with those in vulnerable circumstances by raising awareness of vulnerability and by providing training to all within our organisation in appropriate methods of engagement and the effective discharge of our professional services.
  2. 9. Immediate support - When we encounter clients in vulnerable circumstances and recognise that they may be in immediate danger of significant abuse or harm, or may need immediate support, we will take action to contact the appropriate authorities to mitigate the risks they face.
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