Guide to Outcome Testing under The Consumer Duty

The FCA requires firms to assess and test their products, services, price and value offered, customer support and customer understanding – and retain their evidence for this.  This is to ensure they are providing good outcomes and not causing any undue harm as well as identifying poor outcomes and their root cause.

The FCA rules require that the firm and its employees act to provide good customer outcomes. This can only be measured by testing the results of a firm’s activities.

We have tried to make this guidance as simple as possible and Straight to the Point.

This Create Solutions Guidance document will help you with your Outcome Testing in the following ways:

• Help you understand what outcome testing is and the FCA’s expectations for this
• Help you understand some of the methods you can use to monitor your outcomes  (including testing what is actually delivered and evaluating the impact on the consumer)
• Provide you with a list of key questions to consider when building your outcomes testing framework to ensure it is effective
• Provide you with practical information to help you produce your outcomes testing framework