Financial advisers need support to flag financial abuse

In a conversation with the online magazine Independent Financial Adviser, Wealth Planning Partners director, Amanda Cassar, argued that licensees need to have a plan for their advisers to follow if and when they come across cases of financial abuse in their clients.

“I think licensees need to have vulnerable client practices and financial abuse standards within the business, and I don’t think a lot of licensees do have that at the moment, and a standard procedure about who to call,” Cassar told ifa

She explained that the procedure should outline the steps advisers need to take, and who they need to contact, when they come across such cases.

“Having a procedure where we go, ‘Right, I’m calling my compliance team. Next, I’m calling the fund manager to say, look, we believe this is a case of financial abuse. Can you please delay the transaction until we’ve got more information?’” Cassar said.