Pensionhelp Selects Comentis to Help Identify and Support Vulnerable DB Transfer Customers

  • Payments
  • 21.09.2021 12:55 pm
  • Pensionhelp will deploy Comentis’ vulnerability assessment technology
  • The leading provider of DB transfer advice will be utilising Comentis’ Cognitive Assessment Engine to detect vulnerability and direct customers to appropriate support

Pensionhelp, one of the leading providers of defined benefit (DB) transfer advice has selected Comentis’ technology to facilitate the process of identifying and supporting vulnerable customers.

Pensionhelp prides itself on offering bespoke and expert transfer advice to customers with DB pension schemes and works on referrals from Independent Financial Advisers (IFAs).

The Comentis software will help the firm to detect and support vulnerable customers early in the transfer process by asking all their new clients to complete the short online questionnaire. If the signs of vulnerability are detected, it’ll be flagged to the adviser who will then be supported through the next steps of managing that individual safely and professionally through the app.

Users will also have a clear audit trail to help with the recording and reporting of vulnerability, critical in the DB transfer market which is regularly subject to review from the regulator.

Pensionhelp is one of the first specialist providers of DB transfer advice that is proactively deploying this type of technology to support vulnerable customers. This is more important than ever following guidance from the regulator that it is against most people’s best interests to transfer their pension from a DB to a defined contribution (DC) scheme. As such, ensuring that a customer who wishes to do so is not vulnerable is vital.

Jonathan Barrett, Co-Founder & CEO of Comentis, comments:

“It’s vital that all providers of financial advice are using integrated tech when it comes to identifying and supporting vulnerable customers. The level of subjectivity that results from using manual processes alone can lead to a number of problems, particularly in the DB transfer market, which is subject to close scrutiny from the regulator. It’s therefore vital that advisers have a consistent and failsafe method for identifying signs of vulnerability and can direct these customers towards appropriate support.

“Pensionhelp is the first DB advice provider in the market to take the bull by the horns and address this head on. Our partnership will be crucial in helping them do so, providing them with a highly targeted solution to improve how they ask customers tricky questions so that no one falls through the cracks. It will also help when it comes to recording and reporting the identification of these customers to the FCA, making compliance with regulations much easier.”

Mark Wilson, Managing Director at Pensionhelp, comments:

“We opted for Comentis as its software allows us to consistently identify and support vulnerable customers, critical in the defined benefit sector as it’s so closely regulated. Some potential advantages of transferring from a DB scheme to a DC one can be outweighed by other factors, so it’s essential that customers wishing to do so not only seek independent expert advice, but also are properly assessed for any signs of vulnerability. Tech is the most efficient and consistent way of achieving this goal, especially as we are already seeing the impact of the last couple years with the FCA now estimating that there are nearly 28 million financially vulnerable adults in the UK. We’re excited about how Comentis’ tech will help our valued advisers and clients.”


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