09Jul
FCA: Insurance multi-firm review of outcomes monitoring under the Consumer Duty
Firms must regularly monitor the outcomes retail customers receive to identify whether they are meeting their obligations under the Consumer Duty.
Under the Consumer Duty firms must regularly assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Duty.
The FCA have published an article relating to the key findings from their review of larger insurance firms’ approaches to outcomes monitoring under the Duty.
Including:
- What the FCA did
- What the FCA found
- Detailed findings and good/poor practice
- Detailed findings – the four Consumer Duty outcomes
- Next steps
- Interactions with PROD 4
- Governing bodies
