Financial Vulnerability Charter

Philip J Milton & Company Plc is delighted to announce it has adopted the Personal Finance Society’s newly launched Financial Vulnerability Charter.

Daily reminders occur of the scams and frauds happening to innocent, vulnerable people.  It is a constant concern.  We are very aware of the devastating impact such frauds can have and the Company feels it has a responsibility, not only morally but ethically to do what it can to try to help protect people from such despicable predators. The Company strives to do all it can to combat this terrible issue and it is delighted to support this initiative.

Philip Milton, Managing Director, says: “Attacks can come from various sources.  It can be over the telephone, physical callers, postally, email scams, bogus websites and yes, even close family members and lifelong friends or trusted employees too who look to manipulate and cheat vulnerable people and I am sad to say we have seen all the different types and sometimes many tens of thousands of pounds and even life savings.”

If you are concerned about something, then feel free to contact the Company without charge, for a second opinion.

The nine core pledges of the Financial Vulnerability Charter:

1 Acknowledge their services involve the application of specialist and technical financial knowledge, which places many clients in a position of dependence

2 Ensure clients’ interests are placed above commercial interests

3 Recognise vulnerability can manifest itself in physical, mental or an emotional form, is dynamic in nature (short lived or longer term, sometimes permanent, transient, recurring or fluctuating over time) and may be hidden

4 Treat all clients fairly, regardless of their identity, age, gender, race, sexual orientation, disability, gender reassignment, religion or belief, and guard against making assumptions about the characteristics of individuals

5 Be aware that language is important and that vulnerability relates to circumstances and not a type of person. Recognise people in vulnerable circumstances could be unaware of their vulnerability and, if they are aware, may not wish to be described as vulnerable

6 Accept heightened professional obligations towards clients in vulnerable circumstances; and the need for raised awareness, greater sensitivity and additional technical competencies

7 Encourage clients to self-declare any vulnerability safe in the knowledge the advice they receive will be as good as that received by those who are not in vulnerable circumstances, confidentiality will be maintained and the way they will be treated will be fully compliant with relevant legislation including The Equality Act 2010, Consumer Protection regulations, the Mental Capacity Act 2005 and General Data Protection Regulation

8 Provide training to everyone within the organisation on appropriate methods of engagement and the effective discharge of professional services to clients in vulnerable circumstances

9 Recognise clients in vulnerable circumstances who may be in immediate danger of significant abuse or harm and contact the appropriate authorities to mitigate the risks they face.

For any more information, please email or call 01271 344300 to leave a message for a return call.