MorganAsh has announced the launch of a new series of customer vulnerability workshops, aimed at helping firms better understand and meet the FCA’s Consumer Duty requirements.

The move comes as the FCA’s latest multi-firm vulnerability review reveals that many firms are still struggling to monitor customer outcomes effectively and provide appropriate support to vulnerable customers.

DESIGNED TO CLOSE KNOWLEDGE GAP

The workshops will cover four key areas of customer vulnerability and are open to all firms, not just MorganAsh clients:

• Introductory workshops will provide an overview of customer vulnerability and the FCA’s requirements under Consumer Duty.
• A one-day in-depth workshop will give firms greater insight into developing effective customer vulnerability strategies.
• Gap analysis workshops will assess a firm’s Consumer Duty board report, identifying areas that need improvement to align with FCA expectations.
• Vulnerable customer journey mapping sessions will use real customer data to help firms improve customer interactions and outcomes.

The workshops come at a key time for the industry, following increasing calls for more training and support. A recent CII report highlighted that many firms lack the tools and guidance needed to identify and support vulnerable customers effectively.

FCA HIGHLIGHTS INDUSTRY SHORTCOMINGS

The FCA’s latest review found that some firms fail to provide adequate support to vulnerable customers, while others lack the ability to monitor customer outcomes or train staff to identify potential vulnerabilities.

Andrew Gething, managing director of MorganAsh, emphasised the need for greater industry education: “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.”