Credit, Collections & Insolvency News
Reg tech provider, Comentis has announced 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.
Jonathan Barrett, CEO of Comentis said “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.”
Ciara Cremin, Director at Clear Compliance, said “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.”
