FCA: Publication on Consumer Duty Board Reports

FCA has published a report detailing the findings of its thematic review into firms’ approaches to completing the first Consumer Duty Board Report. Overall, FCA found the best reports were structured in a way that made them easy for their boards to scrutinise the key elements that the rules and guidance suggest they should cover. FCA sets out its findings under four key headings: Report Governance; Monitoring and Outcomes; Actions taken to comply with Duty obligations; and Future Business Strategy. In each section, FCA highlights good practice and areas for improvement along with examples from reports it reviewed.