Consumer Duty Board Report

What is the Consumer Duty Board Report?

The Consumer Duty Board Report is effectively an annual review of how a firm has approached the implementation of the Consumer Duty. From a governance perspective it must be seen, discussed and agreed by a firm’s Board even though it can be prepared by other parts of the business. Production of the Consumer Duty Board Report is an annual requirement with the first one being completed by 31st July 2024.

The governing body of a firm must:

  • Review and approve the outcomes being received by customers - so Boards must understand what outcomes customers are getting from their firm and products.
  • Confirm if the firm is complying with its obligations under the Consumer Duty - so the Board must understand what those obligations are.
  • Assess the future business strategy; whether it is in line with the Consumer Duty - embedding the culture of the Duty into the everyday running of the firm.

Who does the Consumer Duty Board Report affect?

The Consumer Duty Board Report affects all regulated firms who are covered by the FCA’s Consumer Duty requirements. The FCA outlines that 'The Duty applies to all firms with a key role in delivering retail customer outcomes, including those with no direct relationship (with the end customer)'.

If you are unsure whether you fall into this requirement please get in touch and one of our experienced FCA compliance consultants would be happy to help answer any questions you might have.

To learn more about the FCA's Consumer Duty standards we have provided further details on our Consumer Duty page, in addition to our Consumer Duty Guidance page.
 

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Consumer Duty Board Report

What is the FCA driving at with the Consumer Duty?

The FCA states that 'The Duty sets a higher expectation for the standard of care that firms give customers'. There are 4 distinct key outcomes that the FCA is aiming to achieve with the Consumer Duty. These are:

  • All products and services for retail customers to be fit for purpose, designed to meet customers’ needs and targeted at those customers.
  • Customers receive fair value.
  • Communication must support and enable customers to make informed decisions with information provided at the right time, presented in a way they can understand.
  • Firms must provide a level of support that meets customers’ needs throughout their relationship with the firm.

What should be covered in the Consumer Duty Board Report?

When preparing your Consumer Duty Board Report, there are 4 areas that ICS believe should be covered as a minimum:

  • Implementation of the Duty - how well this went (summary of actions taken by the firm, any gaps identified and how these were addressed).
  • What MI is being collected to demonstrate a firm meeting the 4 outcomes and how effective this is.
  • Vulnerable Customers - is the board assured that they are being treated fairly? This section really needs to be a showcase of your understanding of this concept and what you are doing to protect these customers.
  • Future Business Plan - how is this consistent with the requirements of the Duty? The FCA has provided a set of questions on what boards should ask themselves when considering the impact of the Consumer Duty on business strategy.

Consumer Duty Support from ICS

The deadline for implementing the Consumer Duty was the end of July 2023 - are you confident your processes meet the requirements? 

There is a significant amount of work to be undertaken by firms to continue to plan and initiate any ongoing changes that may be required to the customer journey, documentation and management information, in addition to existing deadlines for product governance documentation and reporting. Any firm wishing to receive more assistance with the Consumer Duty should contact us as soon as possible.

If you would like information about how Insurance Compliance Services can help by providing you with Consumer Duty Guidance, please call us and talk to one of our Consumer Duty consultants on 01892 539600 or email us at: enquiries(at)insurancecompliance.co.uk
 

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Get your FREE Consumer Duty Board Report template!

ICS has produced a Consumer Duty Board Report template, which includes all FCA requirements in addition to our professional recommendations. If you would like a copy or guidance on how to ensure your report meets FCA requirements, please email enquiries(at)insurancecompliance.co.uk or complete the form below.

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Please call us on 01892 539600, email us at enquiries(at)insurancecompliance.co.uk, or send us a message using the form for more information or to make an enquiry about any of our compliance services.

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