Chartered Financial Planner Robin Melley has been appointed chair of the Financial Vulnerability Taskforce (FVT).

Mr Melley is managing director of Shropshire-based Matrix Capital Financial Planning.

He has more than 30 years’ experience in the Financial Planning profession and his qualifications include being a STEP Registered Trust and Estate Practitioner, a Fellow of The LIBF and PFS and a SOLLA Accredited Later Life Adviser.

Mr Melley was a co-founder of the FVT and said he has a passion for supporting the profession to offer a safe pair of hands in relation to vulnerability. He often deals with clients facing vulnerability issues.

Mr Melley said: “I’m delighted to take the helm at the FVT, which sits within the Consumer Duty Alliance family, and to continue the great work that the Taskforce is doing to help promote greater understanding and establish good practice in respect of vulnerability.”

Following the release of the FCA’s findings from its latest vulnerability review, the Taskforce has distilled vulnerability into six key messages for advisers which can be found below and in its new good practice guide published in partnership with L&G – Assessing and supporting your firm’s approach to clients in vulnerable circumstances.

The guide aims to provide greater clarity for firms on the current state of play following the FCA review and offers guidance on a simple but robust approach, and good practice framework for, advising clients in vulnerable circumstances.

Mr Melley said: “As we outline in the guide, it’s maybe time to acknowledge that the term ‘vulnerable’ can be counterproductive within the realms of Financial Planning, and that it might be more helpful to view delivering advice services through the lens of an inclusive, needs-led approach.”

He said the FVT's six key messages for adviser about vulnerability reflect the reality that anyone can find themselves in vulnerable circumstances at any point in their lives. The messages are:

1. Vulnerability relates to circumstances – it is not a category of person
2. It doesn’t just affect those in later life
3. Anyone can find themselves in vulnerable circumstances at any point in their lives, whether permanently, temporarily, periodically or to varying degrees
4. Not everyone is aware of or willing to disclose their vulnerability or the circumstances that are causing their vulnerability
5. Many recipients of financial advice are vulnerable due to a lack of relevant knowledge, unfamiliarity with language used and/or the technical complexity involved
6. The process of advising clients in vulnerable circumstances is about recognising additional or alternative needs and then taking action to meet those needs