The tool created by Comentis will facilitate identification, tracking, and client support while simultaneously documenting steps taken.
All members who complete Air Academy’s new vulnerable customer module will have access to the software. Data will sit within the Health Section of WriteRoute, which is Air Sourcing’s fact find and suitability report function.
In line with Customer Duty, advisers using the service can directly link customers to an online, telephone, or Zoom call assessment. Documenting outcomes within WriteRoute is expected to help streamline data governance admin.
The Financial Conduct Authority (FCA) has identified four triggers for advisers to use in evaluating a customer’s vulnerability – health events, life events, resilience, and capability. By using the tool, advisers will be able to better understand the connection between specific circumstances and their impact on the individual.
The tool will also create reports that identify steps that can be taken by advisers to support customers in line with individual firm compliance frameworks.
Supporting vulnerable customers is vital
Mike Taylor, managing director of Air Club, said: “As the FCA Consumer Duty deadline approaches, it is essential that our members have the tools to correctly identify and support vulnerable customers while clearly documenting how good outcomes have been achieved.
“At Air, we understand that any legislative change can be a challenge and are committed to working with experts like Comentis to help our members carefully and successfully navigate through this process.”
Jonathan Barrett, CEO and co-founder of Comentis, added: “With this integration, our goal is both to simplify and to normalise the process of assessing clients for signs of vulnerability. Not only would this ensure advisers are providing the best outcomes, but it would also mean they can rest easy in the knowledge they’ve exercised the appropriate due diligence about vulnerable customers.
“By working with Air Group, and combining our technology, we’ve made it possible for advisers to easily identify at-risk customers with minimal impact on their existing fact-finding procedures.”
