Published by: Chartered Insurance Institute
Search for original: Link
Key Take Aways
The FCA's Consumer Duty rules mandate annual Board reports to demonstrate progress in achieving specified customer outcomes, with the first reports due by 31 July 2024.
Most firms are treating the Board report as an attestation, requiring senior leaders to verify the quality of processes and controls related to customer outcomes.
Evidencing outcomes for vulnerable customers remains the greatest challenge, primarily due to limited data availability and inability to integrate diverse data sets effectively.
Organisations are adopting a principles-based approach, allowing flexibility in report content but risking ambiguity and inconsistent interpretations across sectors.
Quantitative and qualitative insights reveal difficulties in identifying and understanding vulnerability, compounded by GDPR concerns and constraints around data sharing.
Firms typically identify only a small proportion (...
Access this content for FREE by signing up for ROAR Membership.
Join with a Basic (free) or Plus membership (for extra features).