MorganAsh has launched a series of workshops on customer vulnerability to help firms meet the requirements of Consumer Duty.

The series comprises four face-to-face workshops, developed by the financial services support provider, each covering a key area of customer vulnerability.

The workshops include an introduction to customer vulnerability and the Financial Conduct Authority’s (FCA) requirements as part of Consumer Duty.

A more in-depth, one-day introductory workshop is also available, providing firms with deeper knowledge to improve their customer vulnerability strategies.

The workshops have been developed over years over working with clients, and the announcement is in line with the FCA releasing the findings of its multi-firm vulnerability review, which found that many firms are still unable to monitor to take action on outcomes for vulnerable customers.

The review by the regulator also found that some firms did not give appropriate support to vulnerable customers and for staff in identifying potential vulnerabilities.

It follows various reports, including the recent CII report, where firms called for greater training and support to identify customer vulnerability and meet the regulator’s requirements.

Managing director at MorganAsh, Andrew Gething, 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. 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."

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