Assessing and recording vulnerability

Consistency is key when assessing and recording vulnerability, whether you choose to do that manually or digitally.

A manual approach 

We've developed two helpful tools to make things easier for you:

1. The NEW Client Wellbeing Questionnaire is designed to assess a client's vulnerability across the areas highlighted by the Financial Conduct Authority (FCA):

  • Health – health conditions or illnesses that affect the ability to carry out day-to-day tasks.
  • Life events – major life events such as bereavement or a relationship breakdown.
  • Resilience – low ability to withstand financial or emotional shocks.
  • Capability – low knowledge of financial matters or low confidence in managing money.

2. The Policy Effectiveness Checklist can help firms develop vulnerability policies that are bespoke, appropriate and effective, and even help identify potential areas for improvement.

Benefits of these tools for you include:

  • Help to formalise your vulnerability process by consistently recording questions and results for each client.
  • Assistance with monitoring whether a client’s assessed vulnerability is changing over time. This can be added to a client file, reviewed before meetings and updated as appropriate.
  • Help to assess the effectiveness of current vulnerability activity and identify any potential areas of improvement. 

A digital approach

If you prefer a digital approach, Comentis, a leading clinical reg tech provider, offers a three-step vulnerability assessment process, Identify-Support-Report. This helps to ensure objectivity and consistency when identifying and supporting those at risk of financial vulnerability. 

Benefits for you include:

  • Being guided easily and quickly through a series of clinically curated questions, which will consistently and objectively flag those at risk of financial vulnerability.  
  • Receiving suggestions to help support your client during a capacity assessment, or once a vulnerability has been identified. For your peace of mind, the actions taken and support given are all logged so robust audit trails are maintained.   
  • An ID-stamped report, helping you to meet regulatory obligations. It also comes with a management information dashboard and analytics for full visibility. 

Find out more here