Today we’ve announced the introduction of new functionality to our wholly-owned Revolution system to help AR firms and advisers identify and support customers in vulnerable circumstances.
In May 2022, the FCA reported that 47% of UK adults showed one or more characteristics of vulnerability, up from 46% in February 2020 – which equates to an increase of 0.9 million adults from 24.0 million to 24.9 million over that period1 and which influenced our investment in yet more new technology.
Working as a series of prompts for advisers to follow, Revolution will identify any indication of potential customer vulnerability through answers provided within the factfind.
Revolution now asks advisers if they have considered the indicator of potential vulnerability and they will need to record whether the customer’s circumstances make them more vulnerable to harm, along with the support that has been provided.
The deployment by Stonebridge of yet more artificial intelligence to support mortgage brokers, includes prompts for the adviser completing the factfind, or the customer using Revolution’s client portal. This also allows the customer to self-record any additional indication of vulnerability as a way to seek support.
Where a customer agrees to be recorded as vulnerable, the new functionality will make it easier to identify and provide any additional support needed.
To support this new tech advancement, we have provided all AR firms with step-by-step guidance and additional information on supporting customers in vulnerable circumstances via an enhanced Vulnerable Customer Guide.
Rob Clifford, Chief Executive of Stonebridge, commented:
“Following the publication of the FCA’s research that highlighted the rise of UK adults showing one or more characteristics of vulnerability, we all have a duty to continue ensuring those in vulnerable circumstances receive an outcome that is just as good as those who aren’t.
“The FCA has introduced specific policies to ensure supporting customers in vulnerable circumstances is a key theme of Consumer Duty, which we welcome. From the conversations we have had, we believe Stonebridge is the first network in the UK – after the publication of the final Consumer Duty rules – to launch such functionality to help our AR firms and individual advisers to deliver a positive outcome for them.
“This enhancement to Revolution is not just about delivering additional support and efficiency to our AR firms to help them be ready for the implementation of the Consumer Duty rules from July, but to also help keep customers front and centre of the advice process. It is evidence of our ongoing commitment to support those customers who are identified as being in vulnerable circumstances.
“We continue to prioritise investment in Revolution, and to develop market-leading enhancements such as this for the benefit of all our AR firms and their customers.”
To discuss how our technology can help support you and your customers, contact us now.
