FCA update: Consumer Duty Board Reports: good practice and areas for improvement
The Consumer Duty sets high and clear standards of protection for retail customers across financial services. The Duty came into force on 31 July 2023, and on 31 July 2024 for closed products and services.
To support effective embedding and implementation of the Duty, firms have asked us to more regularly publish thematic best practice and areas for improvement. This report is being published so that everyone can learn and improve.
This report sets out the results of a targeted and thematic review that we carried out on the first annual Consumer Duty board reports from 180 firms. Under the Duty, a firm must prepare a report for its governing body setting out the results of its monitoring of consumer outcomes and any actions required as a result of the monitoring.
