"Given the continued focus by the FCA on client circumstances within the new Consumer Duty guidance, firms will need to make sure they are adequately supporting their vulnerable clients."
Comentis’ digital cognitive assessment engine will help Just Group proactively identify ‘at risk’ customers. The online assessment provides a report on the nature of any vulnerability, how this impacts the customer and how Just Group can better support the customer’s needs.
Vulnerability is high on the regulatory agenda with the FCA’s ‘Dear CEO’ letter highlighting the importance of financial services firms having a strong vulnerable customer strategy in place to assist their customers. It comes amid fears that firms will experience many more people suffering from characteristics of vulnerability due to the cost of living crisis.
Jenny Cadman, head of customer experience at Just Group, said: “We are delighted to be the first provider in the retirement income market to make use of Comentis’ innovative software to help our customers. Supporting people with characteristics of vulnerability is an integral part of our customer service and this cutting-edge software will allow us to spot people who may be unaware of their vulnerability or are concerned about sharing it. It provides us with a clinically tested tool that allows us to identify vulnerable customers and, equally importantly, how we can best support them.”
Jonathan Barrett, chief executive and co-founder of Comentis, said: “Given the continued focus by the FCA on client circumstances within the new Consumer Duty guidance, firms will need to make sure they are adequately supporting their vulnerable clients. As such, we are delighted that Just and HUB Group will be utilising our tech-powered service to go the extra mile in supporting vulnerable customers.”
“The FCA estimates that as many as one in two adults may be at risk of financial vulnerability and this is likely to worsen over the winter as the cost-of-living crisis worsens and the recession starts to bite. Identifying those who may be ‘at risk’ of poor outcomes is the very first and most important step towards ensuring they gain a positive experience and end-result – we are looking forward to helping Just and HUB Group achieve this.”
