The deal aims to boost support for clients
Mortgage club SimplyBiz has announced a partnership with tech provider Comentis to further strengthen the range of services it offers to help advisers identify vulnerable characteristics in clients and deliver relevant support.
The partnership is part of the latest wave of regtech solutions released by SimplyBiz to help firms prepare to meet the requirements of Consumer Duty.
The deal is also in response to SimplyBiz’s recent member survey, which found 44% of respondents stating they had seen an increased number of vulnerable clients over the past 12 months.
Following the creation of a dedicated Vulnerable Clients Hub for its member firms, which received over 11,000 visits last year, SimplyBiz has combined its compliance experience with Comentis’ vulnerability assessment platform to create a new offering, providing firms with an extra level of regulatory support when it comes to identifying and supporting vulnerable clients.
The two businesses will work closely together to analyse and track trends in the vulnerable clients’ space, and deliver guidance designed to provide support in the most relevant areas.
SimplyBiz will also be delivering a 90-minute webinar dedicated to the fair treatment of vulnerable clients in practical terms, as part of its extensive programme of support in this area for advisers. The event, featuring Comentis, Consumer Duty Alliance, and VouchedFor, is the latest in a series of Consumer Duty webinars hosted by SimplyBiz, and takes place on April 18.
“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,” Marc Thompson (pictured), adviser services director of SimplyBiz, commented. “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.”
Thompson added that access to this version of Comentis’ platform complements the vulnerable clients support SimplyBiz already offers to its members, including help with targeted policy documents, training on approaching the subject of vulnerability, and guidance on third party specialists, among others.
Jonathan Barrett, founder and chief executive at Comentis, said they were proud of the relationship they have forged with SimplyBiz, and were pleased to be building on it further with the new combined vulnerability platform.
“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,” Barrett remarked. “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.”
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