Paradigm Consulting has announced that it has formed a strategic partnership with Comentis to support advisory firms in meeting their FCA Consumer Duty responsibilities around financial vulnerability.
The collaboration brings Comentis’ digital Financial Vulnerability Assessment into Paradigm Consulting’s support services for advisory firms. The tool is designed to help firms identify and support vulnerable customers while producing evidence that good client outcomes are being delivered.
Comentis positions itself as a specialist provider of financial vulnerability software for FCA-regulated businesses. Its assessment solution focuses on consistent identification of vulnerability and on embedding that process into day-to-day advice workflows without disrupting existing operations.
Through the partnership, Paradigm Consulting clients can strengthen their approach to vulnerability by:
consistently and objectively identifying vulnerable clients
increasing focus on vulnerability within Consumer Duty obligations
producing clear, auditable management information and reporting
embedding vulnerability assessments into advice processes with minimal disruption
Comentis’ Financial Vulnerability Assessment is already used by more than 1,000 advisory firms and has completed over 300,000 client assessments. Under the new arrangement, Paradigm Consulting clients are eligible for a 10% discount on the solution.
“One of the ongoing challenges advisory firms face is both identifying and supporting vulnerable customers in what is a difficult environment, and where the signs of vulnerability might not always be easily visible,” said Bob Hunt, managing director of Paradigm Consulting (pictured).
“At the same time, advisory firms have to meet their regulatory - and client - responsibilities in this area, and this new strategic partnership with Comentis gives our clients access to a digital solution which can do all this and much more. This solution is at the cutting edge of what is achievable and we’re looking forward to working with the Comentis team and highlighting its proposition to our advisory firm clients, in what is a very important area for all.”
“With the FCA’s unwavering focus on the Consumer Duty, firms must ensure they are not only supporting their vulnerable clients, but doing so with consistency and depth,” said Jonathan Barrett, chief executive and co-founder of Comentis.
“We are delighted to announce our strategic partnership with Paradigm Consulting, which will empower their clients to meet these regulatory requirements and, crucially, provide the robust evidence needed to demonstrate positive outcomes for those in vulnerable circumstances.
“The FCA estimates that one in two adults may be at risk of financial vulnerability. Identifying these individuals is a critical first step in ensuring they receive the support they deserve. It is time for duty of care to evolve; client vulnerability should no longer be viewed as a tactical checkbox, but rather as a core strategic driver for every firm. We are pleased to support Paradigm Consulting and its clients on this important journey.”
