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

Investor in Customers already provides a range of reports assessing outcomes for firms, while the MorganAsh Resilience System (MARS) assesses, measures and reports on the vulnerability of consumers.

Under the Consumer Duty rules, set to be brought in by the Financial Conduct Authority (FCA) from 31 July, firms must report on outcomes for consumers which includes how these affect vulnerable consumers.

By incorporating vulnerability data from MARS, Investor in Customers can now provide their outcome reports in detail – correlated for consumers’ characteristics. This meets the evidence and reporting requirements of Consumer Duty for the four outcome areas and the cross-cutting rules.

The analysis includes the proportions of each characteristic at several layers of granularity and severity, meaning that firms can understand how they perform for the numerous consumer characteristics – before they can then accurately target improvements where required. Details of any next steps which have been implemented can also be compared, to see if these have been effective in mitigating the potential harms identified.

Director at Investor in Customers, James Edmonds, commented: “We can provide granular detail on the performance of companies across the numerous consumer characteristics – and on how mitigating strategies are being received by the customers.

“This is far more sophisticated than just comparing performance against the vulnerable and the resilient, an approach which will leave firms struggling to understand the cause of any underperformance.”

MorganAsh managing director, Andrew Gething, added: “The most cost-effective way to provide data on vulnerability characteristics for outcome reporting is to collate data from individual vulnerability assessments.

“To provide quality data, a consistent method of measuring and recording the vulnerability is vital. Far too many organisations undertake subjective vulnerability assessments; these embed inconsistent data and are a nightmare to unscramble for firm-level outcome reporting.”

Share Story: