SimplyBiz Mortgages launches vulnerability identification tool

Aligned to the FCA’s drivers of vulnerability, the new tool enables equity release firms to identify, support, and record vulnerable client activity.

The tool combines technology with the clinical expertise of mental health and psychology specialists to provide objective and consistent vulnerability assessments within the later life lending space.

The platform can be integrated with advisers’ existing technology and processes and provides users with a clear audit trail.

Richard Merrett, head of strategic development at SimplyBiz Mortgages, commented: “It’s fair to say that we are witnessing a vulnerability epidemic. Covid-19 has exacerbated this issue yet further across all age demographics, including those in later life. Through our strategic partnership with Comentis, we are able to offer our member firms an innovative and compliant solution to identifying vulnerability within their clients in the equity release and later life lending space. By combining clinical expertise and data, we can now help advisers to consistently recognise and support potential financial vulnerability, even across harder-to-spot traits, such as instances of family coercion.

“We have been working hard to deliver a breadth of options to SimplyBiz intermediaries operating in the later life space, and this is yet another example of the support that will help them raise advice standards and deliver better customer outcomes to even the most vulnerable clients. This is a real game changer.”

Jonathan Barrett, CEO and co-founder at Comentis, said: “With the FCA estimating that one in two adults could be at risk of financial vulnerability, the chances are that most advisers in the later life lending space have already assisted such a client. However, financial vulnerability can be hard to identify beyond physical health and life-event triggers, putting undue pressure on advisers not trained to identify what are often mental health conditions. We believe this proposition is more important than ever in the equity release space. Advisers have a duty of care to their customers and this tool makes it easier for them to do that. Our partnership with SimplyBiz will complement the important and honourable work that they already do around vulnerability. SimplyBiz is undoubtedly taking the lead in providing advisers with the tools that will better enable them to identify client vulnerability, which is why today’s partnership is a real milestone for the financial services industry.”