"Implementation of this tool is a significant step forward in ensuring intermediaries meet these crucial obligations, so vulnerable customers receive the support they need and deserve."
- Jonathan Barrett, CEO of Comentis
Mortgage Advice Bureau’s (MAB) network of protection and mortgage advisers now has access to a new financial vulnerability assessment tool, developed by Comentis.
“This is an invaluable tool to make sure we are supporting our customers as individuals, particularly when it comes to spotting invisible vulnerabilities that may otherwise have gone unnoticed.
“Regarding protection, it facilitates comprehensive conversations, ensuring customers understand all the risks and cover options available to them,” Kate Fuller, business principal at MAB, told Protection Reporter.
By enabling customers to input additional information about their circumstances, MAB expects more consistent, accurate data and an increase in identification rates.
Paul Gill, group chief risk officer at MAB, said this development is “key” to ensuring the network continues to comply with the Financial Conduct Authority’s (FCA) Consumer Duty.
“It’s also testament to how we’re adapting the way in which we better support both customers and advisers, particularly when it comes to identifying vulnerability,” he said.
Jonathan Barrett, CEO of Comentis, added: “The mortgage market has a vital role to play in safeguarding vulnerable customers, particularly as regulatory focus continues to increase, especially around identification, support, and data.
“Implementation of this tool is a significant step forward in ensuring intermediaries meet these crucial obligations, so vulnerable customers receive the support they need and deserve.”
