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Key Take Aways
The annual Consumer Duty Board Report is a comprehensive document designed to demonstrate how firms are embedding and complying with the Duty to deliver improved customer outcomes. It must be tailored to the firm’s specific business model and sector.
The report emphasises continuous assessment and challenge by senior management, with the Board required to scrutinise outcomes, risks, and strategic alignment at least annually. Effective challenge is critical to demonstrate genuine embedding.
It highlights the importance of qualitative and quantitative management information (MI), case studies, and evidence-based insights to support robust monitoring across all four Consumer Duty outcomes.
The role of the Consumer Duty Board Champion is vital for providing independent challenge, focusing on embedding efforts, and engaging with the FCA’s key questions to assess progress.
A core part of the report involves evaluati...
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