Support services provider MorganAsh has announced it is partnering with open finance and payments platform, Moneyhub.

The move is aiming to strengthen the ability of firms to understand and monitor good outcomes for vulnerable customers, in line with the requirements of the FCA’s Consumer Duty.

The partnership will see MorganAsh use Moneyhub’s open banking platform to access customers’ financial data, with their consent, to assist with the real-time assessment and monitoring of consumer vulnerability. It will be included within the MorganAsh Resilience System (MARS) and will help determine a customer’s ‘resilience rating’ – similar to a credit score.
 
MorganAsh launched its MARS broker tool in March to enable firms to assess and monitor consumer vulnerability and stay compliant with the FCA’s upcoming Consumer Duty regulation.

“Consumer Duty adds the onerous task to monitor customers through the product lifecycle to ensure the product is still suitable,” said MorganAsh managing director, Andrew Gething.

“While our MARS tool can capture any direct contact from consumers and we can email consumers for annual updates, the potential to receive real-time data from Moneyhub will enable real-time monitoring so we can proactively contact consumers when their circumstances and needs change. This delivers real competitive advantages to our customers.   

“We are delighted to be working with Moneyhub as they share our same vision and complement our aims for the MARS tool.”

Moneyhub business development director, Vaughan Jenkins, added: “Consumer Duty and open finance herald a new era of customer-focused firms and financial resilience. Smart, forward-looking businesses will seize this moment and benefit from it. By truly understanding consumers and their ongoing needs, efficiency, productivity, and compliance will become positive side effects.

“We are immensely proud to be working together with MorganAsh and shine a light on the hidden value our technologies can unlock and ensure no harm is caused to any customers, especially the most vulnerable.”

Share Story: