MorganAsh has launched a gap analysis service to help firms assess how their current approach to customer vulnerability management aligns with new benchmark guidance.

The new service is available to all financial services firms and aims to provide clarity on how firms compare to the higher standards set out by the Chartered Insurance Institute (CII) and Personal Finance Society (PFS) – which have now been adopted by the Financial Ombudsman Service (FOS) as the de facto standard for vulnerability management.

The gap analysis sets out the key areas identified in the latest guidance, such as identification, customer support, data and systems, lifecycle management, reporting and audit trail. Each section provides a range of questions to evaluate where firms currently stand and determine areas for improvement and investment.

Commenting MorganAsh managing director Andrew Gething said: “The CII guide is an excellent and thorough specification of what is required in vulnerability management to meet FCA Consumer Duty regulations.

“But we know many firms struggle to communicate the challenges of vulnerability across management. This gap analysis simplifies the requirements to 33 yes/no questions so firms can quickly and easily benchmark themselves against the standard and communicate this easily across management.”

He added: “With this higher benchmark now recognised and adopted as the standard by FOS, now is the time for firms to look at all areas of their approach to see how they compare. While very few firms are likely to meet all the criteria of the gap analysis, those who find themselves unable to meet multiple parts of this criteria will quickly see a need for improvement and further assistance.”