Financial services firms who use indirect methods to assess potential client vulnerabilities risk alienating their customers and breaching Consumer Duty rules, according to MorganAsh.
The Financial Conduct Authority’s (FCA) new rules for financial services firms are officially in force after months of preparation up and down the nation.
Support services provider MorganAsh and payments platform Moneyhub have joined forces to help firms understand, monitor and deliver good outcomes for vulnerable customers, in-line with the requirements of Consumer Duty.