MorganAsh and Investor in Customers are partnering to provide reports supporting Consumer Duty requirements.
Investor in Customers already provides a suite of reports assessing outcomes for firms and these will be combined with the MorganAsh Resilience System (MARS) on the vulnerability of consumers.
Under Consumer Duty, firms must report on outcomes for consumers – including how these affect vulnerable consumers.
By incorporating vulnerability data from MARS, Investor in Customers can now provide their outcome reports in detail – correlated for consumers’ characteristics, the firms said.
This meets the evidence and reporting requirements of Consumer Duty for the four outcome areas and the cross-cutting rules.
Investor in Customers director James Edmonds said: “We can provide granular detail on the performance of companies across the numerous consumer characteristics – and on how mitigating strategies are being received by the customers.
“This is far more sophisticated than just comparing performance against the vulnerable and the resilient, an approach which will leave firms struggling to understand the cause of any underperformance.”
MorganAsh managing director Andrew Gething added: “The most cost-effective way to provide data on vulnerability characteristics for outcome reporting is to collate data from individual vulnerability assessments.
“To provide quality data, a consistent method of measuring and recording the vulnerability is vital.
“Far too many organisations undertake subjective vulnerability assessments; these embed inconsistent data and are a nightmare to unscramble for firm-level outcome reporting.”