Financial Wellbeing Assessment Terms of Use

Introduction:

Welcome to our Financial Wellbeing Assessment Tool. This document outlines the Terms of Use for financial advisers utilizing this tool to assess client vulnerabilities in accordance with FCA guidelines.

Introduction and Key Term Definitions

Welcome to the Financial Wellbeing Assessment Tool, designed to assist financial advisers in identifying and supporting clients who may be in vulnerable situations. This introductory section provides definitions for key terms used throughout the tool and its accompanying documentation, ensuring clarity and understanding.

"Financial Wellbeing Assessment Tool": A digital resource developed to help financial advisers evaluate various aspects of a client's life that may affect their financial vulnerability. The tool uses a series of questions covering specific domains to gather relevant information.

"Vulnerability": As defined by the Financial Conduct Authority (FCA), vulnerability refers to a state in which an individual's personal circumstances make them particularly susceptible to harm, especially when a firm does not act with appropriate levels of care. Vulnerability can be due to a variety of factors, including health, life events, resilience and capability.

"Health": Relates to both physical and mental health conditions that can impact an individual's ability to engage fully with financial services and make informed decisions.

"Life Events": Significant occurrences in a person's life, such as bereavement, divorce, or unemployment, which can drastically alter their financial situation and potentially lead to vulnerability.

"Resilience": The ability of an individual to withstand financial shocks without long-term detriment to their financial situation. Low resilience may indicate a higher risk of vulnerability.

"Capability": Encompasses an individual's knowledge, skills and confidence in managing their finances. Low financial capability can be a significant factor in vulnerability.

"Communication Needs": Any specific requirements a client may have in receiving, processing, and understanding information due to disabilities, language barriers, or other factors affecting communication.

"ScoreApp Subscription": A mandatory subscription service through which financial advisers can access the Financial Wellbeing Assessment Tool. This subscription is governed by separate terms and conditions provided by ScoreApp (see below).

"Terms and Conditions": The legal agreement between ScoreApp and the financial adviser, outlining the use, restrictions, and obligations associated with the Financial Wellbeing Assessment Tool and the ScoreApp platform.

"Privacy Statement": A document detailing how ScoreApp collects, uses, and protects personal data submitted through the Financial Wellbeing Assessment Tool, in compliance with data protection laws.

Understanding these key terms is essential for the effective use of the Financial Wellbeing Assessment Tool and adherence to the regulatory and ethical standards governing financial advice.

Usage:

This tool is designed to assist financial advisers in identifying potential vulnerabilities among their clients by examining key areas such as health, life events, resilience, capability, and more. It serves as an aid in the broader process of client evaluation and should be used in conjunction with other information-gathering methods.

Accuracy and Reliability:

While we strive to provide a comprehensive assessment framework, the accuracy of the results is contingent upon the information provided by the clients. We cannot guarantee the reliability of the outcomes and advise that this tool be used as part of a holistic approach to client assessment.

No Responsibility for Results:

Our responsibility extends to the provision of the tool and does not encompass the results generated. Financial advisers should critically evaluate all information obtained, acknowledging that the tool's effectiveness is dependent on client disclosures, which we cannot verify or validate.

Subscription Requirement:

Access to this tool requires a subscription with ScoreApp. Financial advisers interested in utilizing this tool must sign up at ScoreApp.com. We recommend that financial advisers do not sign up until they have received full training and instruction from Philip Calvert/LifeTalk.

Reference to ScoreApp's Terms and Conditions:

Users of this tool are subject to ScoreApp's Terms and Conditions, which can be reviewed at https://www.scoreapp.com/terms-conditions/.

Technical Support

To contact ScoreApp for technical support by email, please contact support@scoreapp.com.

Privacy Statement:

We are committed to protecting your privacy and that of your clients. Users should review ScoreApp's Privacy Statement at ScoreApp Privacy Policy: https://www.scoreapp.com/privacy-policy/ to understand how personal information is collected, used, and safeguarded.

Acceptance of Terms:

By using this tool, financial advisers agree to these Terms of Use, acknowledging the tool's intended purpose and limitations. It is the adviser's responsibility to ensure the appropriate compliance and ethical use of this tool in their practice.

We appreciate your commitment to providing the highest standard of service to your clients and believe this tool will be a valuable part of your advisory toolkit.