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July 18, 2024
The detailed ‘Consumer Duty-specific’ findings in the FCA’s recent report published on its website sets out the key findings from its December 2023 review of larger insurance firms’ approaches to outcomes monitoring under the Consumer Duty (‘the Duty’).
For most of the firms in this review, and across all four outcomes, the FCA’s view was that the monitoring MI should be strengthened to ensure it is outcomes-focused, rather than process-driven, and is comprehensive enough to provide the relevant Board or committee a reasonable view of whether the requirements of the Duty are being met.
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