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The Financial Conduct Authority (FCA) has published new guidance on outcomes monitoring under the Consumer Duty, highlighting examples of good practice and areas where firms can strengthen their approach.
The publication explains how firms can use outcomes monitoring to better understand customer experiences, identify poor outcomes or emerging risks, and take appropriate action. It also reinforces that collecting management information (MI) alone is not enough – firms should be able to explain what their data shows, how it is used to identify issues and how any actions taken have improved customer outcomes.
Alongside the guidance, the FCA has published a blog exploring why understanding consumer experience is central to delivering good outcomes and how effective monitoring can help firms identify and address issues earlier.
The FCA is also consulting on the scope and proportionality of the Consumer Duty. Members are encouraged to review the consultation and share any views with James Vickery to help inform the BVRLA's response. The consultation closes on 18 September.
