This is part of a programme of RegTech solutions released by SimplyBiz to help firms prepare for Consumer Duty rules. It follows a survey by the firm which found 44 per cent of its advisers had seen a higher number of vulnerable clients in the last 12 months.
SimplyBiz also created a dedicated hub about vulnerable clients for its member firms which gained over 11,000 visits last year.
SimplyBiz will combine its experience in compliance with Comentis’ vulnerability assessment platform to create a package for firms including additional regulatory support with identifying clients with vulnerabilities.
The firm will also hold a webinar on the topic with sessions from Comentis, Consumer Duty Alliance and VouchedFor on 18 April.
Marc Thompson, adviser services director of SimplyBiz, said it was delighted to work with Comentis on this exclusive version of its system.
He added: “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. The additional level of guidance available to users of our exclusive version of Comentis’ vulnerability assessment platform will bolster the support advisers are able to offer to clients in this vital area.”
Thompson noted: “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.”
Jonathan Barrett, founder and CEO of Comentis, added: “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.
“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.”
