MorganAsh has launched a series of workshops aimed at tackling customer vulnerability to help firms meet Consumer Duty requirements.
The workshops are open to all companies and include a comprehensive introduction to customer vulnerability and the Financial Conduct Authority’s (FCA) guidelines.
The series comprises four workshops that cover different aspects of customer vulnerability.
MorganAsh can also conduct a gap analysis of a firm’s Consumer Duty board report to align it with FCA requirements, followed by an optional workshop to address any gaps.
Another session focuses on mapping vulnerable customer journeys using actual customer data.
Andrew Gething (pictured), managing director of MorganAsh, said: “It is abundantly clear that there is still a real knowledge gap among firms when it comes to customer vulnerability and the critical role it plays in meeting the requirements of Consumer Duty.
“The FCA’s multi-firm vulnerability review is the latest example of this, identifying a lack of effective outcomes monitoring or appropriate support for both staff and vulnerable customers.
“The aim of our new series of workshops is to support firms in their customer vulnerability journeys, using our expertise in this area to help bridge those knowledge gaps.”
Gething added: “It’s more than just meeting the requirements of the regulator though – we want to put firms on the path of identifying vulnerable customers consistently, monitoring outcomes and minimising potential harm.
“In the process, firms will start to understand the competitive advantage that comes with knowing customers better and delivering tailored products and services, all while generating the necessary data and intelligence for quality reporting.”
