MorganAsh has partnered with FWD Research to further assist firms in meeting the vulnerability requirements of Consumer Duty.
FWD Research conducts specialist surveys across a firm’s client base to help understand the prevalence of vulnerability.
This aligns with MARS – the MorganAsh Resilience System – which is a platform that provides an objective and consistent way of assessing and monitoring vulnerable characteristics.
The partnership hopes to support firms in delivering relevant management information for Consumer Duty board reports – due in July.
This comes as the Financial Conduct Authority (FCA) continues its review of how firms approach and treat customers in vulnerable circumstances.
Previously, the FCA has voiced concerns about firms repackaging existing data or more worryingly, those firms that still report few or even zero vulnerable customers.
Andrew Gething (pictured), managing director of MorganAsh, said: “It’s really exciting to be joining forces with FWD Research to use two complementary approaches towards consumer vulnerability in a unified way.
“Both approaches have their own strengths and each works well with the other.
“Our partnership underscores how MorganAsh’s expertise in consumer vulnerability management software complements FWD Research’s capabilities in running customer outcomes and vulnerability surveys.
“Working together, we can provide comprehensive solutions to financial services firms to meet regulatory requirements – and better serve their customers.”
Martin Grimwood, consumer duty lead at FWD Research, added: “Our partnership with MorganAsh provides clients with a robust two-stage vulnerability evaluation framework.
“By combining two different but complementary approaches, the framework ensures that clients can first identify how prevalent different vulnerabilities are within a customer base, develop appropriate strategies, and then apply those strategies operationally to customers who need them most.
“We are delighted to be working with colleagues and MorganAsh, who are undoubtedly leaders in their field.”
