The findings of the Financial Conduct Authority’s (FCA) first review of Consumer Duty will be presented as part of an upcoming webinar for regulated firms and trade bodies.
Members impacted by the Consumer Duty are encouraged to attend. The free webinar presents a valuable chance to learn about the FCA’s findings one year on, with the opportunity to put questions to the experts.
The webinar takes place on 31 July, sign up to the FCA webinar: FCA - Consumer Duty: 1 year on - FCA Webinars.
At a time when the first board reports are due to be submitted under the terms of the Duty, the FCA has published key findings from its review of larger insurance firms' approaches to outcomes monitoring under the Consumer Duty.
The findings contain examples of good and poor practice that can assist firms from other sectors. The FCA has found good cases showed progress in developing a clear and comprehensive, firm-wide approach to monitoring customer outcomes.
The regulator’s suggested improvements following the review include:
- Focus on outcomes more than processes
- Capture comprehensive data that is appropriately analysed and explained for customer outcomes
- Demonstrate how monitoring of outcomes has led to proactive action being taken to improve outcomes.
Insurance multi-firm review of outcomes monitoring under the Consumer Duty | FCA.
An update on Consumer Duty and wider regulatory landscape will be provided at the BVRLA’s Compliance Forum on Thursday 18 July. More details: Consumers, Commissions and Compliance take centre stage.
The BVRLA’s Consumer Duty Training Programme provides additional practical insight and guidance around all aspects of compliance within the new regulatory framework.
