Comentis launches vulnerability assessment for consumer finance industry

Clinical reg tech provider, Comentis, today announces the launch of its new customer vulnerability assessment for lenders and brokers working in consumer finance.

Comentis provides an online vulnerability assessment to identify vulnerable customers and provide tips and advice on how best to support them as they go through the finance process. With 31st July marking the implementation of Consumer Duty, and with the FCA’s growing focus on ensuring good outcomes for vulnerable customers in consumer finance, this technology will prove vital in the coming months.

Following the success of its vulnerability assessment in the wealth and mortgage market, Comentis has now launched a dedicated assessment for consumer finance, empowering lenders and brokers to consistently and objectively identify vulnerable clients in line with the FCA’s requirements. The new assessment consists of a small number of initial questions, allowing for easy completion, with further questions only asked if a potential vulnerability is identified. It has been built to integrate into retail, at-home and online credit application journeys with minimal impact, whilst at the same time providing suitable protection for brokers and lenders.

Jonathan Barrett, CEO of Comentis, comments: “With the recent issuing of its ‘Dear CEO’ letters, it’s clear not only that the FCA is actively looking to ensure Consumer Duty initiatives are underway, but also that its focus is shifting to consumer finance. Building on the experience we’ve acquired over eighteen months working with the wealth and mortgage market, our new assessment takes into account the very different customer journey that exists in the world of consumer finance. We wanted to make it dynamic, ensuring it’s quick and easy enough to complete that the existing client journey won’t be disrupted, while still providing lenders and brokers with assurance they’ve met the regulatory requirements.”

To support as many lenders and brokers as possible over the coming months, Comentis is working with a growing number of specialist partners, such as compliance experts, Clear Compliance. Helping businesses of all sizes to incorporate consumer credit into their models, Clear Compliance is relying on Comentis’ experience to ensure its clients are meeting the requirements of Consumer Duty.

Ciara Cremin, Director at Clear Compliance, comments: “There’s growing pressure from the regulator for those working in consumer finance to ensure they can identify each and every instance of vulnerability. Whether their customers are buying a car or simply a new pair of glasses, lenders and brokers must be able to do this, and to do provide appropriate support for those who are at risk, if they hope to meet the requirements of Consumer Duty. Tools like this new assessment will be a significant help, offering a means of consistently ensuring all vulnerability drivers are in scope.”