SimplyBiz is working with tech provider Comentis to strengthen the services it offers to help advisers identify vulnerable characteristics in clients and deliver relevant support.
The partnership is part of SimplyBiz’s regtech solutions to help firms prepare to meet the requirements of the consumer duty.
The firm said it comes after 44 per cent of respondents in SimplyBiz’s recent member survey stated they had seen an increased number of vulnerable clients over the past 12 months.
Marc Thompson, adviser services director of SimplyBiz, said: “We’re delighted to have worked with Comentis on this exclusive version of its system, further strengthening the broad range of support we continue to develop for our member firms.
“Following the recent announcement of our deal with VouchedFor, our partnership with Comentis adds to the breadth of technology solutions we offer to help members meet the requirements of the consumer duty in an efficient and compliant way.
“It is an important part of our ongoing strategy to provide access to best-of-breed technology, and will be followed by a number of additional solutions announced over the next few weeks.”
Following the creation of a dedicated vulnerable clients hub for its member firms, SimplyBiz combined its compliance experience with Comentis' vulnerability assessment platform to create a new offering providing firms with an extra level of regulatory support when it comes to identifying and supporting vulnerable clients.
The two businesses will work closely together to analyse and track trends in the vulnerable clients’ space, and deliver guidance designed to provide support in the most relevant areas.
Thompson said the additional level of guidance available to users of its exclusive version of Comentis’ vulnerability assessment platform will increase the support advisers are able to offer to clients in this vital area.
“Access to this version of Comentis’ platform complements the vulnerable clients support we already offer to our members, including help with targeted policy documents, training on approaching the subject of vulnerability, guidance on third party specialists, and more,” he said.
SimplyBiz will be delivering a 90-minute webinar dedicated to the fair treatment of vulnerable clients in practical terms.
The event, featuring Comentis, Consumer Duty Alliance and VouchedFor, is the latest in a series of consumer duty webinars hosted by SimplyBiz, and takes place on April 18.
Jonathan Barrett, founder and chief executive officer of Comentis, said: “We’re proud of the relationship we have forged with SimplyBiz, and are pleased to be building on it further with our new combined vulnerability platform and the extra benefits that will bring to SimplyBiz members.
“SimplyBiz’s own findings clearly show that vulnerability is on the rise, while the sheer number of visits to the Vulnerable Clients Hub in 2022 demonstrates that member firms are looking for support.”
Barrett added: "With the increased assistance that we can now provide, we are looking forward to helping members support more vulnerable customers than ever before, and likewise, to ensuring those customers achieve the good outcomes they deserve.”
sonia.rach@ft.com
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