MorganAsh has partnered with FWD Research in a bid to assist firms in meeting the vulnerability requirements of Consumer Duty.

FWD Research conducts specialist surveys across a firm’s client base to understand the prevalence of vulnerability, aligning with the MorganAsh Resilience System (MARS).

The MARS is a platform that provides an objective and consistent way of assessing and monitoring vulnerable characteristics. The system is then able to generate a resilience rating, similar to a credit score, alongside real-time management information and reporting.

The partnership brings together two approaches which supports firms in delivering relevant management information for Consumer Duty board reports, which is due in July.

Managing director at MorganAsh, Andrew Gething, 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."

The partnership comes as the Financial Conduct Authority (FCA) continues to review how firms approach and treat customers in vulnerable situations. Previously, the regulator had voiced concerns about firms repackaging existing data, or those firms who still report few or even no vulnerable customers.

The FCA has already encouraged firms to prioritise board reports as this, and the data behind it, will be a key tool in determining a firm’s compliance with the rules.

Consumer Duty lead at FWD Research, Martin Grimwood, 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."

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