Managing vulnerable Customers, using MARS – the MorganAsh Resilience System

MARS, the MorganAsh Resilience System, is a powerful, easy-to-use web-based software application to enable organisations to assess, identify, manage, help and report on vulnerable customers. It is in use across credit, debt, financial advice, insurance and utilities sectors – and enables financial services firms to meet the FCA’s vulnerability requirements for Consumer Duty.

FCA Vulnerable Customers: Assess

MARS provides an objective and consistent way to assess customers’ vulnerability characteristics. An assessment can be completed by the consumer, online, via a secure form. Or, a user can complete the assessment on the user’s behalf, working with them. In some cases, for example where mental capacity is in doubt, the assessment can be completed by a MorganAsh nurse, while interviewing the consumer.

FCA Vulnerable Customers: Identify

The MARS assessment will identify the consumer’s vulnerability characteristics. These are reflected in a consistent and easy-to-understand ‘Resilience Rating’ which is like a credit score. Vulnerabilities are identified across a range of characteristics including physical and mental health, wealth, life events (such as bereavement or divorce), their ability to engage and their support network. In use, MARS has consistently helped firms identify customers with characteristics of vulnerabilities which were previously unknown.

FCA Vulnerable Customers: Manage

MARS provides tools to enable firms to manage the clients’ vulnerabilities (which may change over time) across the lifetime of products or services. This includes being able to assess both customers and households and move customers between households.

FCA Vulnerable Customers: Help

MARS has built-in ‘treatments’ which are ‘next steps’ automatically suggested when specific vulnerabilities are discovered. These range from signposting to third-party support services, or links to proactive services which can be of help. There are also options to engage MorganAsh’s well-being team – all qualified nurses – to help in certain instances.

FCA Vulnerable Customers: Report

MARS includes po

werful reporting tools. These provide 24/7 instant access to a wealth of management information, which can be broken down in numerous ways – including types of vulnerabilities, demographics and so on. Detailed monthly reports are also sent to clients. The data can be used to help plan better products and services, and to provide to regulators as evidence.

FCA Vulnerable Customers: MARS Features

• Powerful, consistent assessments
• Manage consumer vulnerabilities over time
• Built-in ‘treatments’ – recommended ‘next steps’
• Detailed, comprehensive, always available reporting
• Secure: MorganAsh is ISO 27001certified and Cyber Essentials Plus certified
• API integration with Intelliflo and Iress; bespoke integrations available on request
• Look up consumer on the Vulnerability Registration Service
• Winner – National Credit Awards 2023: Fintech and Platform of the Year
• Highly flexible and configurable

FCA Vulnerable Customers: MARS Benefits

• Saves a considerable amount of administration time and money
• Obviates the need for complex training
• Meets the FCA’s Consumer Duty requirements
• Gets information direct from the most reliable source: the consumer
• Replaces human subjective and inconsistent judgements with objective and consistent assessments
• Provides the ability to help when vulnerabilities are discovered
• Powerful, detailed reporting saves considerable time collecting data for Consumer Duty reporting

FCA Vulnerable Customers: MARS – More than software

MorganAsh has been assessing and helping vulnerable people for over twenty years, and offers several additional services to help people when they need it most. These include nurse assessments (for when an independent view helps), mental capacity tests (if a consumer’s mental capacity needs a professional assessment), Crisis Support (helping people during a time of personal, physical or mental crisis) and Care Navigator (helping people find care or care homes for themselves or a loved one). MorganAsh is an FCA-authorised and regulated firm.

FCA Vulnerable Customers: MARS FAQs

How do I install MARS?

MARS is software as a service, accessed via any standards-compliant Web browser. No installation is required. This allows you to access MARS from almost any device and almost any location. An internet connection is required. To embed this into your firm and create policy and/or procedures for this, please contact us on 0800 689 0190.

What if I need a demo or help finding my way around?

MARS is designed to be simple and straightforward to use, so we encourage you to dive in and use it. If you’d like a demo or guided tour, or some help, please contact MorganAsh.

What about data protection?

MARS is fully compliant with UK GDPR. MorganAsh is responsible for the storage and deletion of all data in accordance with UK GDPR, and for recording consumer consent where electronic assessments are used. Organisations and their users are responsible for obtaining the requirement for the data and obtaining consent and for the storage and deletion of any downloaded reports.

A full range of regulatory compliance consultancy services are available from Compliance Consultant.

Email info@Complianceconsultant.org, or call

0800 689 0190 today!

About MorganAsh

MorganAsh has enviable experience assessing customers’ health and lifestyle characteristics, via clinical and cognitive assessments, since 2004 – for the financial services sector. MorganAsh has assessed the health of thousands of customers and looked after hundreds of severely ill customers. Since its formation in 2004, MorganAsh has had no Financial Ombudsman Service complaints against it. There has never been an event reported to the Information Commissioner’s Office.

FCA Vulnerable Customers: MARS Costs.

Fees are available to view on the MorganAsh website.

Click the button below for details.