Automotive Systems, a provider of automotive compliance technology, announced that it will offer Comentis’ Financial Vulnerability Assessment tool to its network of automotive retailers.
The tool, developed by clinical experts in mental health and psychology, is designed to help automotive professionals consistently identify vulnerable clients in line with the Financial Conduct Authority’s (FCA) Consumer Duty regulations.
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The Comentis tool, which aligns with the FCA’s four drivers of vulnerability, is an innovative digital solution that integrates seamlessly into Automotive Systems’ existing technology for compliance clients. By offering a clear audit trail and promoting consistency in the assessment process, it ensures that dealerships can adopt best practices for identifying and supporting vulnerable customers.
In addition to rolling out the assessment tool, Automotive Systems will work with Comentis to provide educational resources and training to upskill its clients on customer vulnerability.
Tim Sheriff, Managing Director of Automotive Systems, commented on the partnership: “Identifying vulnerability can be challenging and sensitive, but it’s essential for our retail clients to have the right tools to comply with Consumer Duty regulations. We recognised the need for improvement, which led to our collaboration with Comentis. Their clinically developed, technology-driven solution allows at-risk customers to be identified quickly, ensuring minimal disruption for dealerships.”
Jonathan Barrett, CEO of Comentis, added: “With over a year since the introduction of Consumer Duty, it’s crucial for automotive professionals to be equipped to recognise vulnerability. Our software will enable Automotive Systems’ clients to do so more effectively.”
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By GlobalDataThe partnership comes as new data from Comentis reveals that automotive firms are identifying less than 1% of customers as vulnerable, far below the estimated 8% who may actually require support. Barrett highlighted the importance of addressing this gap, emphasising the need for swift action to bridge the discrepancy.
“We’ve seen a significant shortfall in the identification of vulnerable customers within the automotive sector,” Barrett said. “Our partnership with Automotive Systems is a key step in helping the industry improve its support for those in need.”
