Clinical reg tech provider, Comentis, has closed a round of significant investment with Just Group Plc, securing £1m of funding to further its work in safeguarding people at risk of financial vulnerability and reduced mental capacity.
Comentis, which protects and supports the vulnerable who may otherwise go unidentified or undetected, provides its clients with an online cognitive assessment engine to identify at-risk customers, explain how their vulnerability may impact the customer and advise how best to support their needs.
With 31st July marking the implementation of the Financial Conduct Authority’s (FCA) Consumer Duty measures, this technology will prove vital in the coming months.
Jonathan Barrett, Chief executive and co-founder of Comentis, said: “With only six months left to prepare for Consumer Duty, all firms must ensure they are able to adequately support their most vulnerable clients. “We have been closely aligned with Just Group for a while now and share a strong determination to further the conversation surrounding vulnerability.
“This funding will help us to continue to make significant strides towards protecting those who are most at risk.”
Just Group is also the first provider in the retirement income market to have used Comentis’ innovative software.
Along with its corporate solutions and advisory subsidiary, HUB Group, Just Group has completed a pilot of Comentis’ technology for its advisers in the lifetime mortgage market.
The trial has been a great success, enabling advisors to better identify and support at-risk customers and is now being rolled out across the group.
David Cooper, group marketing and distribution director at Just Group, added: “Supporting vulnerable people is an integral part of our customer service and aligns with our core values.
“For these reasons we’ve been very active in increasing awareness and understanding in our sector about this topic.
He continued: “We are very pleased to support Comentis with this investment round and we judge their solution to be the clear market leader.
“This investment will help them to achieve broader market adoption and to raise standards in our sector to assess, record and respond to vulnerability – a core tenet of Consumer Duty.
“We look forward to continuing to work together on achieving the best outcomes for all customers.”
