New tech provider Comentis launches to help firms identify client vulnerability

A new tech provider, Comentis, has launched to support FCA regulated businesses in the identification of client vulnerability.

Comentis will provide clinically backed technology to the financial and legal services markets.

A first of its kind Cognitive Assessment Engine (CAE) will support regulated businesses in the identification of potentially vulnerable clients, using software developed in conjunction with mental health experts and psychologists.

Comentis’ launch follows the recent publication by the FCA of guidance on the fair treatment of vulnerable customers, in which the regulator estimated that as many as 24 million adults across the UK are currently defined as vulnerable.

Prior to its development, Comentis suggested the assessment of vulnerable clients by regulated businesses had been “a subjective process”, which has varied between individual advisers and firms.

However, Comentis’ new platform has been designed to integrate seamlessly with existing technology and processes, and an evidence-based assessment process will also provide users with a clear and consistent audit trail.

Comentis co-founder & CEO, 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.”

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