Firms have been extremely busy since they completed the implementation of the UK’s Consumer Duty requirements for on sale products in July 2023. For most firms, Consumer Duty has continued as an ongoing transformation initiative focused on embedding the work delivered for Day 1 in addition to remediating residual instances of harm, further enhancing frameworks through more ambitious digital transformation, and managing the implementation of the policy for closed products. While all this is ongoing, firms must also ensure they are prioritising their other regulatory commitment: Board approval by July 31 of a report on customer outcomes to evidence that the organisation is complying with its obligations under Principle 12.

Firms should not underestimate the complexity of acquiring and consolidating the right data points to form a view of customer outcomes, nor the importance that the FCA will place on the artefact as evidence that a firm has taken their obligations under the duty seriously.

In this paper, we explore: 

• What does the Consumer Duty Policy require and what has the FCA said about the annual report? 
  
• What should the annual report contain?
  
• What considerations should firms be making when planning?
  
• How do we define good practice? 
  

Download now to find out more about our suite of tools, templates, and data accelerators to ensure that your report serves as an example of good practice against your peers.