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Without smart technology, significant consumer vulnerabilities go unnoticed, says MorganAsh
| MorganAsh in the media
Originally published in IFA Magazine
As with all types of consulting business, financial advisers – not incorrectly – believe that they know their customers. After all, they may have worked with a client for years, watched their families grow up and have their own families. But, according to consumer vulnerability specialists MorganAsh, like vulnerabilities themselves, ‘knowing someone’ isn’t binary.
Johnny Timpson joins MorganAsh as chairman
| MorganAsh in the media
Originally published in Financial Reporter
He succeeds Jim Randal, who stepped down after chairing MorganAsh since its inception in 2004.
Signposting vulnerable consumers is not enough to avoid potential harm, warns MorganAsh
| MorganAsh press release
Signposting a vulnerable client to a different organisation for help is not enough to avoid potential harm and to meet Consumer Duty requirements, a vulnerability expert has warned.
Technology is critical to ensure Consumer Duty isn’t ‘once and done’
| MorganAsh in the media
Originally published in Financial Reporter
Firms hoping that the FCA would not enforce Consumer Duty will certainly be disappointed, especially following ‘Dear CEO’ letters, reports and supervisory action to address clear shortcomings. Rather than kicking the can down the road, the regulator is knocking on the door of firms that are either complacent or simply ill-equipped to deliver the change it wants to see.
MorganAsh data reveals large variation in consumer vulnerability across key sectors
| MorganAsh in the media
Originally published in BestAdvice
Firms using vulnerability assessments for Consumer Duty compliance are identifying a large variation in vulnerability across the industry’s key sectors, the latest data from the MorganAsh Resilience System (MARS) has revealed.
MARS users identify similar number of vulnerable people as FCA, MorganAsh data reveals
| MorganAsh in the media
Originally published in IFA Magazine
Firms using vulnerability assessments for their Consumer Duty compliance are identifying a similar proportion of vulnerable clients as the FCA’s own findings, new data from the MorganAsh Resilience System (MARS) can reveal.
When to be proactive or reactive when undertaking vulnerability assessments
| MorganAsh in the media
Originally published in The Intermediary
Financial services firms implementing Consumer Duty have differing views on whether to assess vulnerability proactively or reactively.
Broker mandates vulnerability checks as FCA warns of weak identification
| MorganAsh in the media
Originally published in The Intermediary
A mortgage and protection brokerage in Liverpool has mandated the completion of vulnerability assessments for all customers, as the FCA warns financial services of “weak identification” of vulnerable clients.
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