"A platform that enables firms to screen for financial vulnerability, objectively and in real time, has previously been unavailable from the financial services market."
The launch follows the recent publication by the FCA of guidance on the fair treatment of vulnerable customers, in which it estimated as many as 24m UK adults are currently defined as vulnerable.
Previously, the assessment of vulnerable clients by regulated businesses has been a subjective process which has varied greatly between individual advisers and firms. Comentis aims to bring objectivity, scalability, and consistency to the process, enabling advice professionals to mitigate risks and better protect clients.
The platform is designed to integrate seamlessly with existing technology and processes, to supplement and strengthen the relationships with clients by removing the burden of subjectivity from vulnerability assessments. The evidence-based assessment process also provides users with a clear and consistent audit trail.
Comentis will be led by co-founders Jonathan Barret (CEO), Tim Farmer (clinical director) and Dane Taylor (product director). Jonathan brings over 20 years' financial services experience to the operation, having previously held senior roles within established fintechs and multi-national corporates including Legal & General. Tim is an expert in the assessment of mental capacity and financial vulnerability, having founded TSF Consultants – the UK’s largest provider of mental capacity and financial vulnerability assessments. Tim has also been appointed as a subject matter expert on the Personal Finance Society’s (PFS) Financial Vulnerability taskforce.
Jonathan Barrett commented: “At a time of mounting regulatory pressure and increasing customer vulnerability, deploying solutions that will support firms in the identification and triaging of vulnerable clients has never been more paramount. Our clinical and digital-based solution allows us to deliver solutions to the market at pace and scale – a first for the financial sector.
“We hope to drive the financial services market forward with a unique, cutting-edge and clinical-based digital solution that regulated businesses can effectively implement in their day-to-day work with clients.”
Tim Farmer added: “Comentis’ clinical approach is what makes us unique and it’s incredibly exciting to be leading the clinical development of our cognitive assessment engine. A platform that enables firms to screen for financial vulnerability, objectively and in real time, has previously been unavailable from the financial services market. However, by combining clinical expertise with digital thinking, we are able to provide regulated businesses across the UK with market-leading technology with which to better detect vulnerable clients. The cognitive assessment engine will ultimately support in the delivery of the best outcomes for clients, ensuring greater protection for consumers and identifying vulnerability in real time.”
