"This, and the management information that sits behind it, will be key for the regulator to assess a firm’s compliance."
- Andrew Gething, managing director of MorganAsh
MorganAsh has announced a full range of upgrades to its consumer vulnerability assessment platform.
The latest version of the MorganAsh Resilience System (MARS) now offers improved functionality, with a new interface and a redesign of the main case page. The Resilience Rating – the platform’s version of a credit score for vulnerability – now has a brand-new look, while the entire page has been made easier for users to navigate and toggle between key information.
The consumer vulnerability assessment itself has also been enhanced, giving more options on what to ask in the questionnaire and what areas to assess. Firms can now choose to include or exclude questions about obsessive and compulsive behaviours or addictions, abusive or controlling relationships and communication preferences – including sign language.
This joins current questions on financial assessments, protected characteristics, identity issues or wills and power of attorney. While these are typically set as defaults for companies, there is also the option for them to be selected on a case-by-case basis.
In addition, the platform now has more than 80 standard treatments – the relevant ‘next steps’ presented to users when vulnerability is detected. In the latest update, firms have the option to configure treatments, set rules and select which treatments are ‘active’.
Finally, with Consumer Duty’s board reports on the horizon, MorganAsh has made significant upgrades to the reporting page. Alongside new designs and formatting, MARS now offers more detailed reports, covering key information such as demographics and protected characteristics, including age, gender, religion and sexual orientation. Under both the Equalities Act and Consumer Duty, protected characteristics must be reported at firm level.
Andrew Gething, managing director of MorganAsh, said: “MARS has helped to simplify the otherwise onerous task of assessing, monitoring and reporting on consumer vulnerability. In addition to supporting financial services firms of all sizes with Consumer Duty compliance, the platform is now being developed for use within the utilities sector. Even so, we continue to listen to feedback and find new ways to refine and improve the platform.
“This latest round of upgrades marks another step forward, improving functionality and configurability, all while adding greater granularity to both assessments and reporting. The FCA is now actively encouraging firms to consider their annual board reports as this, and the management information that sits behind it, will be key for the regulator to assess a firm’s compliance. Rather than a mad scramble or a shot in the dark, MARS users will have this vital intelligence at their fingertips.”
