MorganAsh comments on Which? report calling for FCA to crack down on insurers

MorganAsh provides the award-winning MorganAsh Resilience System (MARS) to enable brokers, advisers and financial services firms to better manage and evaluate consumer vulnerability and comply with Consumer Duty. It is in use across financial services and the utilities sector.

Andrew Gething, managing director of MorganAsh, said: “The Which? report is a depressing read and highlights a recurring theme where vulnerable customers regularly experience outcomes that are worse than the resilient. With Consumer Duty now in place and customer vulnerability guidelines well established before then, poor outcomes such as these should be minimal.

“A systematic problem for financial services firms is a lack of investment in systems and processes to identify and monitor customer vulnerability. Without this critical step, firms do not have the necessary data to meet the needs of those most susceptible to harm or to ensure such poor outcomes are minimised. Technology is proving to help firms mitigate this onerous task, all while delivering a far better and bespoke service to clients and importantly, meet the requirements of Consumer Duty and the regulator.”

Published: 23 July 2024