SimplyBiz Mortgages has further strengthened its support for its member firms operating in the later life market by collaborating with clinical reg tech provider, Comentis to create a new equity release financial vulnerability identification and assessment tool.
Fully aligned to the FCA’s drivers of vulnerability, the new tool enables equity release firms to consistently identify, support, and record vulnerable client activity through a one-of-a-kind, clinically developed, assessment process.
The innovative tool combines cutting-edge technology with the clinical expertise of renowned mental health and psychology specialists to provide objective and consistent vulnerability assessments within the later life lending space.
Combining digital and clinical expertise, the tool is an accessible and cost-effective technology powered platform, which can be integrated seamlessly with advisers’ existing technology and processes.
The tool will also provide users with a clear and consistent audit trail, whilst driving objectivity and consistency across the vulnerability assessment process.
Richard Merrett, head of strategic development, for SimplyBiz Mortgages, said: “It’s fair to say that we are witnessing a vulnerability epidemic. Covid -19 has exacerbated this issue yet further across all age demographics, including those in later life.
“Through our strategic partnership with Comentis, we are able to offer our member firms an innovative and compliant solution to identifying vulnerability within their clients in the equity release and later life lending space.
“By combining clinical expertise and data, we can now help advisers to consistently recognise and support potential financial vulnerability, even across harder-to-spot traits, such as instances of family coercion.
“We have been working hard to deliver a breadth of options to SimplyBiz intermediaries operating in the later life space, and this is yet another example of the support that will help them raise advice standards and deliver better customer outcomes to even the most vulnerable clients. This is a real game changer.”
Jonathan Barrett, CEO and co-founder at Comentis, added: “With the Financial Conduct Authority (FCA) estimating that one in two adults could be at risk of financial vulnerability, the chances are that most advisers in the later life lending space have already assisted such a client.
“However, financial vulnerability can be hard to identify beyond physical health and life-event triggers, putting undue pressure on advisers not trained to identify what are often mental health conditions.
“We believe this proposition is more important than ever in the equity release space. Advisers have a duty of care to their customers and this tool makes it easier for them to do that. Our partnership with SimplyBiz will complement the important and honourable work that they already do around vulnerability.
“SimplyBiz is undoubtedly taking the lead in providing advisers with the tools that will better enable them to identify client vulnerability, which is why today’s partnership is a real milestone for the financial services industry.”
