The Consumer Duty Board Report – what is the FCA expecting? Guidance for firms

March 28, 2024

A key element of the FCA’s Consumer Duty Rules is that firms must monitor the outcomes that retail customers are experiencing from their products. The Rules also require firms, at least annually, to prepare, review, and approve at governing body level (so at board / most senior management level) a report on the outcomes being achieved by retail customers. This has become referred to as the ‘board report’.

The report, when provided to the governing body, must set out the results of the monitoring and any key recommended actions required as a result of the findings. In reviewing and approving the report, the governing body must confirm that it is satisfied that the firm is complying with the Consumer Duty and assess whether the firm’s future business strategy is consistent with achieving good outcomes for retail customers.

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