With an increased emphasis on vulnerability from the regulator, there’s a pressing need to provide appropriate support for vulnerable clients. To help, Comentis, a leading clinical reg tech provider, has created its comprehensive Vulnerability Support Framework – a practical guide to help advisers determine the important next steps.

The importance of supporting vulnerable customers

According to the FCA, at any given time, one in two adults experience circumstances that may make them vulnerable. Despite this, many firms struggle to effectively provide the necessary support once a potential vulnerability is identified. Clearly the need to bridge the knowledge gap surrounding vulnerability support has become an urgent priority.

To meet this challenge head-on, Comentis has developed the Vulnerability Support Framework. Drawing insights from its online Assessment App, the practical guide encompasses immediate and long-term actions to address a range of potential risk factors. These include drivers of vulnerabilities such as divorce, bereavement, dementia, and low resilience, which have been identified as some of the most prevalent issues affecting customers.

Elevating standards

Comentis aims to facilitate better outcomes for vulnerable individuals while encouraging the elevation of standards within the industry. Tim Farmer, Co-Founder and Clinical Director at Comentis, emphasises the framework's practicality and uniqueness;

"It's very much intended as a practical tool, designed not only to educate and encourage the raising of standards but also to provide clinically-informed, in-the-moment instruction for any professional who has identified a financial vulnerability or vulnerable circumstance."

Comentis' launch of the Vulnerability Support Framework represents a significant development in the quest to provide appropriate support for vulnerable customers. The useful PDF Guide addresses the challenges faced in supporting at-risk customers by offering practical, clinically-based advice.

By sharing expertise and collaborating with external contributors, Comentis hopes to raise industry standards and equip firms with the tools needed to ensure good outcomes for vulnerable individuals – thereby aligning with the FCA’s Consumer Duty requirements. And, with the Consumer Duty regulations now implemented, it is crucial for firms to understand and meet their obligations regarding customer vulnerability.

By offering a comprehensive framework of practical instructions, Comentis aims to bridge the knowledge gap and empower professionals to provide the highest standards of care for their vulnerable clients.

Click here to download the Vulnerability Support Framework PDF