MorganAsh has launched a new consumer vulnerability assessment tool to help mortgage advisers and businesses understand and manage consumer vulnerability.
The MorganAsh Resilience System (MARS) provides an objective measurement rating like the familiar credit score used by lenders across the UK.
The tool was launched in line with the Financial Conduct Authority’s (FCA) guidelines for businesses on the fair treatment of vulnerable customers, which came into effect in February 2021.
The current guidelines should be reinforced by a new document on consumer rights, currently in consultation.
MARS will gather information from consumers and their advisors, to calculate a resilience score to help manage consumer vulnerability.
The system can be used as a standalone tool or integrated with a company’s CRM via secure application programming interface (API) links.
MARS has already been integrated with Intelliflo and Iress systems, with further integrations planned.
MorganAsh also reveals that St James’ Place (SJP) is using the new tool and has started providing its partners with access to MARS.
Financial Vulnerability Task Force Chair Keith Richards said: “The current regulatory focus on vulnerability provides a timely opportunity to improve how we can recognize and address vulnerable circumstances, while demonstrating due diligence. individual attention and empathy.”
“Best practice principles and the use of fintech, such as the MorganAsh MARS tool, can greatly improve our ability to assess, store and communicate vulnerability across and between organizations,” adds Richards.
MorganAsh Managing Director Andrew Gething comments, “Just as a credit score is used to simply communicate wealth, MARS is used to communicate health and resilience. Using MARS, advisors and businesses can simply enter their client details, and the tool does the rest.