MorganAsh’s Resilience System (MARS) has identified the ability of consumers to engage as the largest area of vulnerability ahead of Consumer Duty implementation in less than three months.
Engagement incorporates factors such as language, digital interaction and coercion, and MorganAsh detailed that these traits represented in around 12% of customers, as the highest reported issue among MARS users was the willingness to engage. MARS identifies over 400 variations in characteristics and circumstances that can lead to consumer vulnerability, and physical health issues are "far more prevalent" than mental health issues, MorganAsh noted. MorganAsh stated that without a consistent and objective approach, firms will not be able to properly assess or evidence the vulnerability...
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