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January 20, 2025
This is the first of three Hot TopICS for January 2025, looking at the FCA’s December 2024 commentary on Consumer Duty Board reports, complaints and root cause analysis, and its Consumer Duty focus for January to March 2025.
In this Hot TopICS, we will set out the FCA’s ‘good practice and areas for improvement’ findings, published on 11th December 2024, following its review into firms’ approaches to completing the first annual Consumer Duty Board report.
We recommend that firms review their 2024 Board report, and their Consumer Duty reporting processes and procedures, in light of the findings set out in this report, and that smaller firms take account of the FCA’s specific smaller firms commentary. Firms might want to take the opportunity to create an additional interim report, perhaps in January or February, to help embed the findings.
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