This comes after the Financial Conduct Authority (FCA) urged consumers to disclose their vulnerability so they can get the right support.
The series comprises four workshops covering a different area of customer vulnerability, developed using MorganAsh’s expertise and experience.
The workshops are available to all firms, not just clients of MorganAsh, and will be face-to-face sessions.
It will introduce attendees to customer vulnerability and the FCA’s requirements regarding Consumer Duty. There will also be an in-depth one-day introductory workshop to give firms more knowledge to improve their customer vulnerability strategies.
MorganAsh can also carry out a gap analysis of a firm’s Consumer Duty board report and compare this to the regulator’s requirements. This will be followed by an optional workshop to help firms improve their report.
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The final workshop will focus on vulnerable customer journey mapping, collecting real data to build better customer journeys.
Andrew Gething (pictured), managing director of MorganAsh, 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.”
He added: “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.”
MorganAsh provides the MARS platform, which can be used by firms to assess a client and give them a vulnerability rating, similar to a credit score.
