Year 2 Consumer Duty Board Reports: progress and what comes next
Why this matters
This regulatory update from the FCA focuses on the Consumer Duty, which applies across the banking, investment, and wealth management sectors. It discusses progress on firms' annual reporting requirements under the Duty, including improvements in governance, action plans, and data analysis. The update identifies areas where firms need to do more, such as clearly linking data to customer outcomes and monitoring third-party distribution. This is a medium urgency update as it provides guidance to firms on enhancing their Consumer Duty compliance.
AI-generated classification rationale, not a full analysis. Verify with the original FCA source before acting. Full disclaimer.
What the FCA said
Under the Consumer Duty, firms must report annually on what their monitoring found about customer outcomes, and what actions they’ll take as a result.Good Consumer Duty Board reports provide clear evidence about outcomes – helping to turn governance into real change. Boards can ask better questions, hold people to…
Extract from FCA . Read the full notice at the source for the authoritative text.
Context
Financial Conduct Authority (FCA) — UK financial services regulator. We track 425 updates from them.
Financial services regulation in the UK, primarily overseen by the FCA and PRA. Browse all United Kingdom updates.
This update is classified under Consumer Protection / Conduct, Reporting & Disclosure, Authorisation & Licensing and Banking & Credit.