SimplyBiz harnesses tech to support advisers with vulnerable customers

SimplyBiz say the partnership is part of their commitment to helping member advice firms meet Consumer Duty rules.

A recent survey of SimplyBiz members showed that 44% of respondents had seen an increased number of vulnerable clients in the past 12 months. In the 2020 'Financial Lives' survey - a broad piece of research from the FCA, which focused specifically on the effects of coronavirus in its most recent paper - 53% of UK adults showed one or more characteristics of vulnerability. 

SimplyBiz members will have access to Comentis' vulnerability assessment platform as part of the partnership.

The two firms say they will work closely together to analyse and identify trends in vulnerable clients and target guidance at SimplyBiz member firms in line with their findings.

Marc Thompson, Adviser Services Director of SimplyBiz, commented:

“We’re delighted to have worked with Comentis on this exclusive version of its system, further strengthening the broad range of support we continue to develop for our member firms. 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.

“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.”