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Members can now access an exclusive resource to help strengthen their Consumer Duty Board Reports, following discussion and insights shared at the latest Compliance Forum.
Consumer Duty Board Reports are an important way for firms to evidence how senior leaders are overseeing customer outcomes, identifying risks and meeting regulatory obligations.
The Financial Conduct Authority (FCA) expects firms to show that boards are actively engaging with Consumer Duty, rather than treating reports as a tick-box exercise. Good reports should clearly set out the customer outcomes being monitored, the data used to assess those outcomes, where risks or gaps have been identified, and what action the firm is taking as a result.
The new BVRLA resource highlights what good practice looks like and where firms can fall short. Common issues include reports that are too descriptive, lack clear evidence, do not show sufficient challenge from the board, or fail to link findings to meaningful action.
The document is designed to help firms take the next step in monitoring customer outcomes and improving the quality of board-level oversight.
Members are encouraged to access and review the guidance. The document is exclusively available to BVRLA members; individuals will need to be logged into the BVRLA website with an active web account to access.
Any questions can be sent to [email protected].
For support setting up a web account, visit the Help Centre
