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The Authority has published its practical guide to support vulnerable people

by

Andrea Lubeck

27 May 2019 13:30

Photo : Freepik

Thefinancial markets Authority published last week its a practical Guide to the financial services industry — to Protect a client in a situation of vulnerability, in which she does the promotion for several months already.

“The guide offers a variety of courses of action to protect a client in a situation of vulnerability or to help him deal with certain situations affecting their financial well-being,” explains the regulator. The Authority has always insisted on the fact that councillors have an important role to play in the fight against financial abuse in respect of vulnerable persons.

“Because of the relationship they develop with their customers and the knowledge they gain of their needs or financial objectives, the stakeholders in the financial sector can play a key role among people in situation of vulnerability, in order to help protect their financial well-being. They are key players in the prevention and identification of financial abuse among consumers of financial services. The companies and representatives can also help those who are facing such a situation to get the help they need, ” wrote Frédéric Pérodeau, superintendent of the assistance to clients and the supervision of the distribution to the Authority in a publication on the social network LinkedIn.

Play the role of sentinel

During a lecture presented on the occasion of the Meeting with the Authority on 19 November last, Mr. Pérodeau was reminded stakeholders of the industry means that they can be taken to detect situations of abuse and help victims. He had described their role as being that of a sentinel in terms of prevention, detection and intervention of financial abuse.

The guide has over thirty pages is detailed in four phases, which aim at the protection of the financial well-being of a client, the prevention of financial abuse, the actions to be taken against financial abuse and promote good practice.

The document includes detailed clues that can help a representative to identify child abuse and gives examples of the approach to validate the abuse with the client.

It is also suggested to discuss with his client proxy, of the protection mandate and the appointment of a trusted person.

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