INSIGHTS ¦ Consumer Duty Board Reports: good practice and areas for improvement

Summary
The Financial Conduct Authority (FCA) released a recent paper on "Consumer Duty Board Reports: Good Practice and Areas for Improvement." It reviews the first annual board reports submitted by firms to assess their adherence to the Consumer Duty, which sets high standards for customer protection across financial services. The review covers practices in governance, data usage, consumer outcomes, and business strategies, highlighting both exemplary practices and areas requiring improvement.
Download as PDF: Summary Insights
LINK: Original FCA Link

Key Takeaways

Clear Reporting Structures: Effective reports were well-structured, enabling boards to scrutinise and assess key outcomes.
Focus on Outcomes: Reports dedicated sections to the four Consumer Duty outcomes: products and services, price and value, consumer understanding, and consumer support.
Data Quality: High-quality data, including both quantitative and qualitative measures, underpinned meaningful insights and monitoring....