Outcomes monitoring and Board reporting under the Consumer Duty – the FCA’s Insurance multi-firm review – Part one

July 17, 2024

Under the Consumer Duty firms must regularly assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Duty.

The FCA requested the most recent Board and / or committee reporting from twenty larger insurance firms. These included general insurers, life insurers, insurance intermediaries and regulated third-party outsourcers which service insurers. Firms were asked to show how they monitor, assess and test the outcomes customers are receiving, along with actions firms had taken after identifying any poor outcomes.

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