Comentis launches Vulnerability Support Framework

Clinical reg tech provider, Comentis, has launched a new Vulnerability Support Framework. Available to all professionals regulated by the FCA, the framework addresses a range of potential vulnerabilities, providing clinically-based instructions for the complex process of supporting at-risk customers.

The FCA estimates that, at any one time, over 50% of the adult population is experiencing circumstances that could result in a vulnerability. However, many firms, once they have identified a potential vulnerability, struggle with how to provide appropriate support. The Consumer Duty, taking effect on 31st July, threatens potential sanctions for those failing to ensure vulnerable customers receive good outcomes.

With various external contributors joining those from Comentis to share their expertise, the Vulnerability Support Framework contains immediate and long-term actions for a variety of potential risk factors. Ranging from divorce and bereavement to dementia and low resilience, the vulnerabilities addressed have been identified through Comentis’ online customer assessment tool as some of the most widespread.

John Somerville, head of financial services at The London Institute of Banking & Finance, commented: “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, as well as the author of the Vulnerability Support Framework, 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.”