Consumer Duty Vulnerability Flag Update - 15.11.23

Consumer Duty Vulnerability Flag Update - 15.11.23

Dear Client,

On 1st August, we sent a communication informing you of some new functionality relating to vulnerable customers. The purpose of this functionality is to capture information relating to customers with vulnerability which in turn enables us to provide additional support should it be necessary.

As part of that original communication, we asked you to update your customer records in the portal to flag any vulnerable customers you may have. The original instructions and screen shots are included below for your information. 

To date, your firm has not yet flagged any vulnerable customers on the portal. 

Please can you urgently either:

• Formally confirm back to us that you have no vulnerable customers on the Hubwise platform. Please do this by either raising a ticket directly through Freshdesk or clicking on “Contact Customer Services” button below; or

  
  

• Update the portal records for the vulnerable customers you do have.

We require action to be taken on the above by the 30th November.

Given the regulator's focus on this area, the identification and fair treatment of vulnerable customers is of critical importance to both our organisations and something SS&C Hubwise takes very seriously. We would appreciate your urgent attention to this matter. 

Vulnerability Flags

Please ensure that this flag and any required service adjustments are updated for existing clients with characteristics of vulnerability and are populated for new clients as appropriate. This new field can be found in the ‘Investor Details’ tab.   

Please see some screenshots below of the enhancement: