Financial Planners reacting to a report exposing family wealth abuse say that too little is being done to protect financially vulnerable people.

A new 'elephant in the room' report has been published to draw attention to the little understood but growing problem of vulnerable but well off clients becoming victims of theft and fraud within families.

During these unprecedented times the number of ‘vulnerable clients’ is likely to increase due to the economic impact of the Coronavirus outbreak, emotional or family issues, and a change in health.

Schroders’ Financial Planning joint venture with Lloyds Bank - which turns one year old this month - has been prioritising vulnerable clients as it moves to full remote client meetings during the Covid-19 lockdown.