The framework covers potential vulnerabilities and offers practical, clinical-based instructions to support clients.
This ranges from vulnerabilities arising from divorce, bereavement, dementia and low resilience to stress.
Comentis has used the vulnerabilities identified through its online assessment tool to build the framework. The tool is available to adviser firms and lenders and uses medical backing to produce a report on a client’s potential vulnerability and how they can be assisted.
The firm said with companies facing sanctions for failing to spot vulnerabilities once Consumer Duty takes effect from 31 July, it wanted to address the knowledge gap.
John Somerville, head of financial services, professional education at The London Institute of Banking and Finance, said: “As the work to identify vulnerable customers advances, so too do the complexities involved in knowing how to advise them appropriately.
“I have worked with Comentis on various awareness-raising initiatives and their clinical expertise has helped me understand this issue in a much deeper way. This support framework will not only help advisers to develop their own understanding of the complexities of vulnerability, but will also offer practical working solutions for challenging situations.”
Tim Farmer, co-founder and clinical director at Comentis, added: “Consumer Duty will place identifying and supporting vulnerable customers firmly at the centre of the FCA’s regulation. However, many firms are struggling with the support element of that process. We have therefore created this framework, bringing together best practices from a range of vulnerability specialists, to help determine those crucial next steps.
“What makes this framework so unique is that it’s very much intended as a practical tool, designed not only to educate and encourage the raising of standards, but also to provide clinically-informed, in-the-moment instruction for any professional who has identified a financial vulnerability or vulnerable circumstance. It’s also something we plan to build on, with further initiatives to ensure good outcomes for at-risk customers.”
The Vulnerability Support Framework is available via https://www.comentis.co.uk/vulnerability-support-framework.
