Between 40% to 70% of customers have been identified as vulnerable ahead of the implementation of the Consumer Duty rules on 31 July, according to users of MorganAsh’s vulnerability tool for brokers, the MorganAsh Resilience System (MARS).
Although this varies by age and demographic between each broker firm, MorganAsh noted that the figure is in line with the findings of the Financial Conduct Authority's (FCA) Financial Lives survey. Meanwhile, MorganAsh stated that some other firms who aren't users of MARS are identifying vulnerable clients in single figures. The company launched its MARS broker tool last year to help firms understand and monitor vulnerable customers and deliver good outcomes, in line with the new Consumer Duty requirements. Last month (7 March), the company unveiled a series of upgrades to the tool fo...
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