MorganAsh has added support tracking to its customer vulnerability management platform, MARS (MorganAsh Resilience System).
The updates allow firms using MARS to record what support is recommended to clients, when it is suggested, the client’s response, and if the help is taken up.
Firms can log if support is pending, completed in part or not done.
They can also note if support was wrong, not needed or refused, with the option to add notes for each stage.
The changes are aimed at helping firms keep track of their customer vulnerability work and meet Consumer Duty requirements.
MARS now also gives an audit record so firms can see and report on support actions and what has been used by customers.
Reporting functions have also been updated, so firms can view the share of vulnerable customers by both Financial Conduct Authority (FCA) and MARS categories.
Firms can now compare their results to all MARS users.
The changes come after the FCA’s vulnerability review found that many firms could not monitor or act on outcomes for vulnerable customers.
Andrew Gething, managing director at MorganAsh, said: “This latest upgrade to MARS strengthens the ability of users to record, track and report on the support offered to vulnerable customers.
“In truth, this is a key stage within the wider vulnerability management that firms must undertake – particularly with increasing emphasis from the likes of Consumer Duty.
“While it is important to identify, classify and monitor potential vulnerabilities, we also need to help mitigate any potential harm and then track whether that suggestion was suitable or even taken up.”
Gething added: “We can then monitor outcomes more effectively and determine whether a poor outcome was mitigated.
“We must track all these individual stages as each one can fail.
“Without good quality data at every stage, it’s impossible for firms to know what is going on for the individual or where the failure point truly is.”
