Identifying and understanding the vulnerabilities of customers became a regulatory requirement in February 2021 for firms. Consumer Duty has renewed this focus and expanded the need to understand and monitor consumer vulnerabilities. Even so, many firms are still trying to get to grips with just how they identify their vulnerable customers.

MorganAsh, the support services provider to the financial services and utilities sectors, has appointed customer experience and customer vulnerability specialist James Edmonds as a Consumer Duty consultant.

The FCA has released its thematic review of general insurance and pure protection and it’s safe to say it’s pretty damning. Not only is the regulator ordering insurers and intermediaries to remove products that do not offer fair value, it is weighing up both supervisory and regulatory action to address these issues, as well as firms that are not able to demonstate good customer outcomes.

MorganAsh, a support services provider to the financial services and utilities sectors, has launched a brand-new customer portal called It's Who I Am, designed to give customers the information and confidence to disclose potential vulnerabilities to firms.

London & Colonial Assurance PCC Plc, a life insurance provider based in Gibraltar, has adopted the MorganAsh Resilience System (MARS) to support its efforts to identify and support vulnerable customers in the UK and internationally.

PayPlan, one of the UK’s largest debt management companies, has adopted the MorganAsh Resilience System (MARS) to better identify and assess vulnerable customers.

MorganAsh, a specialist in vulnerable consumer management to the financial services and utilities sectors, has partnered with FWD Research to further assist firms in meeting the vulnerability requirements of Consumer Duty.

MorganAsh, a specialist in vulnerable consumer management to the financial services and utilities sectors, has partnered with FWD Research to further assist firms in meeting the vulnerability requirements of Consumer Duty.

As with all types of consulting business, financial advisers – not incorrectly – believe that they know their customers. After all, they may have worked with a client for years, watched their families grow up and have their own families. But, according to consumer vulnerability specialists MorganAsh, like vulnerabilities themselves, ‘knowing someone’ isn’t binary.

He succeeds Jim Randal, who stepped down after chairing MorganAsh since its inception in 2004.

Signposting a vulnerable client to a different organisation for help is not enough to avoid potential harm and to meet Consumer Duty requirements, a vulnerability expert has warned.

Firms using vulnerability assessments for Consumer Duty compliance are identifying a large variation in vulnerability across the industry’s key sectors, the latest data from the MorganAsh Resilience System (MARS) has revealed.

Firms using vulnerability assessments for their Consumer Duty compliance are identifying a similar proportion of vulnerable clients as the FCA’s own findings, new data from the MorganAsh Resilience System (MARS) can reveal.

A mortgage and protection brokerage in Liverpool has mandated the completion of vulnerability assessments for all customers, as the FCA warns financial services of “weak identification” of vulnerable clients.

Wealth management firm James Sharp has implemented the MorganAsh Resilience System, to assess, measure and report on their customers’ vulnerability, in line with the Consumer Duty requirements.

MorganAsh has added a new triage service to its MARS vulnerability software, to help financial advisers identify when to obtain an annuity quotation for a client.

MorganAsh has added a new triage service to its MARS vulnerability software, to help mortgage advisers to identify and assess the protection needs of their clients.

MorganAsh and Investor in Customers have partnered to provide firms with reports to meet the needs of Consumer Duty.

Vulnerability specialist MorganAsh has added a new nurse support service to the MorganAsh Resilience System (MARS), to assist advisers in providing help to highly vulnerable clients.

MorganAsh has embedded the Inbest benefits calculator directly within the MorganAsh Resilience System (MARS), to ease and simplify the process of checking whether any benefits are available to a consumer.