UK FCA Consumer Duty Annual Report

On Jun. 26, UK FCA detailed annual report submission requirement.

  • UK FCA added annual board reports to the Consumer duty information for firms page.
  • Assessment
  • A firm’s board, or equivalent governing body, should review/approve an assessment of whether a firm is delivering good outcomes for customers, consistent with the duty.
  • This assessment should include results of the monitoring that the firm has undertaken to assess whether products and services are delivering expected outcomes.
  • Evidence of poor outcomes, including whether any group of customers is receiving worse outcomes compared to another group, and an evaluation of impact/root cause.
  • An overview of the actions taken to address any risks or issues; how the firm’s future business strategy is consistent with acting to deliver good outcomes under the duty.
  • Before signing off the assessment, the board/equivalent governing body should agree action required to address identified risks, action required to address poor outcomes experienced by customers, whether changes to firm’s business strategy are required.
  • Chs 10 and 11 of guidance contain more info on governance, monitoring outcomes.
  • Effectiveness
  • The first consumer duty annual report is due by Jul. 31, 2024.

Regulators UK FCA
Entity Types B/D; Bank; CNSM; HF; IA; Ins
Reference Gd, PR, 6/26/2024; Gd FG22/5; UK CNSM DTY; ESG
Functions C-Suite; Legal; Reporting; Risk
Countries United Kingdom
Products Banking; Fund Mgt; Insurance; Securities
Regions EMEA
Rule Type Final
Rule Date 6/26/2024
Effective Date 7/31/2024
Rule Id 217394
Linked to N/A
Reg. Last Update 6/26/2024
Report Section UK

Last substantive update on 07/01/2024