Adviser network In Partnership has partnered with regulation technology provider Comentis, to enable it to better assess client vulnerability.
In Partnership will roll out Comentis’ financial-vulnerability assessment tool across its network of 500 financial and mortgage advisers, as part of the ‘know your customer’ process.
The Comentis system is an assessment that enables advisers to successfully identify vulnerable client characteristics.
In Partnership’s advisers will be able to have a clear and defined audit trail as well as consistency across the vulnerability assessment process when identifying and supporting vulnerable clients.
Jonathan Barrett, Comentis chief executive and co-founder, 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 signs of vulnerability.
“Our software will ensure that all In Partnership advisers are able to better identify and support their financially vulnerable clients.”
Gordon McNeill, group compliance director at In Partnership, said: “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. They will need all the support they can get, which is why we are deploying this tool.
“Comentis’ combination of cutting-edge technology, developed with clinical knowledge, will be invaluable to ensuring all at-risk customers are identified and supported correctly.”