"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."
- James Edmonds, director at Investor in Customers
Combining Investor in Customers’ existing suite of reports with MorganAsh’s Resilience System (MARS) which measures consumer vulnerability, these reports meet the evidence and reporting requirements of Consumer Duty for the four outcome areas and the cross-cutting rules.
Each report will include the proportions of each characteristic at several layers of granularity and severity. This means that firms will be able to compare how well each consumer characteristic is considered. Details on further action can also be compared so that firms understand what has effectively mitigated potential harms in the past.
Since the Consumer Duty requires firms to report on how well they meet the 2010 Equality Act, MARS also enables firms to view protected characteristics data on consumers. MorganAsh has said that its Resilience Rating enables this data to be shared on an anonymous basis, minimising privacy and GDPR issues.
Commenting on this partnership, Andrew Gething, managing director at MorganAsh, has said:
“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.”
James Edmonds, director at Investor in Customers, added:
“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.”
