Consumer Duty Governing Body Reports - what does good look like?

Yesterday, the Financial Conduct Authority published the findings from its thematic review of the first annual Consumer Duty board reports created by 180 regulated firms. The review focused on identifying good practices and areas for improvement across various aspects of the Duty's implementation. Overall, the FCA found a spectrum of approaches to reporting, with some firms demonstrating strong compliance and others requiring significant improvements.

Auxillias consultant partner, Paul Godsmark, takes a look at the key strengths, areas for improvement, challenges and focus areas for future reporting. Read his insights below: