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The Financial Conduct Authority (FCA) has published further good practice resources to help firms assess how they are meeting their obligations under the Consumer Duty.
The regulator has updated its existing good practice reviews covering consumer support, complaints and root cause analysis, and the price and value outcome. The updates include additional insights and examples for smaller firms, with the FCA committing to include more practical information for smaller businesses in future Consumer Duty materials.
Separately, the FCA has published findings from its review of how firms design, monitor and distribute products and services. The review looks at getting product design right from the outset, keeping products under review and taking responsibility for customer outcomes where third parties are involved in selling or distributing them. Firms are encouraged to use the findings to assess their own approach and identify areas for improvement.
The FCA has also published its findings on outcomes monitoring, looking at how firms establish whether customers are receiving good outcomes in practice. Examples include identifying emerging risks, assessing customers' experiences and taking action where potential harm is identified. The regulator found examples of firms developing more evidence-based approaches, alongside areas where monitoring arrangements could be improved.
Members can use the FCA's latest findings and updated resources to review their own approach to Consumer Duty and compare their practices with the examples identified by the regulator.
View the FCA's Consumer Duty resources.
