In Partnership’s 500 adviser members will gain access to Comentis’ financial vulnerability assessment tool which will be used during the know your customer (KYC) compliance process.
Comentis’ assessment uses technology in conjunction with clinical expertise. The platform can be integrated into a broker’s existing software.
It works through the use of a questionnaire to determine a client’s potential vulnerability and assess their resilience to stressors. The assessment produces an audit trail which advisers can use for record keeping.
Jonathan Barrett (pictured), CEO and co-founder at Comentis, said: “Vulnerability is high on the regulatory agenda right now, and rightly so. With Consumer Duty upon us, it’s more important than ever for advisers to be equipped to identify any, and indeed, all signs of vulnerability.
“Our market-leading software will ensure that all In Partnership advisers are able to better identify their financially vulnerable clients and support them in delivering the outcomes that clients deserve.”
Gordon McNeill, group compliance director at In Partnership, added: “We know that Consumer Duty emphasises the importance of identifying and supporting vulnerable customers, but we also know that many advisers are still – understandably – struggling with this incredibly complex process.
“Moving forward, financial advisers will need all the support they can get, which is why we are deploying this tool to both networks of our group, The On-Line Partnership Limited and The Whitechurch Network Limited. Comentis’ combination of cutting-edge technology, developed with clinical knowledge, will be invaluable to ensuring all at-risk customers are identified and supported correctly.”
