Pensionhelp selects Comentis to help support vulnerable DB transfers

By Joy Dumasia

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 detect and support vulnerable customers early in the transfer process by asking their new clients to complete the short online questionnaire. If the signs of vulnerability are detected, they’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 record and report a vulnerability critical in the DB transfer market, which is regularly subject to review from the regulator. 

Pensionhelp is one of the first specialist DB transfer advice providers that proactively deploy this type of technology to support vulnerable customers. This is more important than ever; the following guidance from the regulator 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, said: “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.”

Recently, IBS Intelligence reported that Comentis, the clinical tech provider, announced that it closed the pre-launch funding round at £200,000, against a pre-revenue valuation of £2million.