Andrew Gething said: “We should have clear processes in place to modify products and services where necessary and to provide appropriate support.”
Proactive vulnerability assessments during onboarding saw a 65% take-up rate, while reviews averaged 60%.
The firm said many firms lack meaningful customer vulnerability data, making it hard to identify vulnerable customers, track outcomes or demonstrate compliance under Consumer Duty.
Mortgage firms using MorganAsh reported 36% of customers as vulnerable, while advice firms reported 42%.
Andrew Gething said: “The aim of our calculator is not to provide an exhaustive scientific result, but a statistical indicator of how many customers are vulnerable and in what ways.”