Consumer Duty board reports: How does yours measure up?
New Auxillias guide explores what good looks like and how firms can strengthen their reporting.
You've completed your Consumer Duty board report. But how do you know whether it's good enough, or how it compares with what other firms are doing? It's a question we're hearing from compliance teams, particularly as the FCA continues to review firms' reporting and highlight areas where improvements are needed. We've published a new guide, Consumer Duty Board Reports: What Good Looks Like, to help firms assess their current approach and identify any gaps.
The guide includes:
The FCA's expectations for Consumer Duty board reporting.
Ten practical tips for producing a stronger report.
A 12-point self-assessment to help identify gaps.
Examples of good and poor practice highlighted by the FCA.
Details of how Auxillias can help firms review and improve their reporting.
Would an independent sense check help?
We know that many firms have put a great deal of work into Consumer Duty over the past three years. But it's not always easy to judge whether your approach is meeting the FCA's expectations, particularly when you have limited opportunity to compare it with the wider market. Our established Consumer Duty support service gives firms access to independent legal, regulatory and compliance expertise when they need it.
Clients use us to sense-check and benchmark their existing arrangements, identify gaps and get practical advice on how to improve.
We can also help you build on the Consumer Duty work you've already done, keeping your reporting, monitoring and governance up to date as FCA expectations develop and helping you find better ways to demonstrate good customer outcomes.
Support can range from a short review of your latest board report to more detailed work on management information, reporting processes, board oversight and ongoing compliance.
If you'd like to discuss your Consumer Duty approach or find out more about our review service, please get in touch with Jo at Jo.Davis@auxillias.com or email AuxilliasInsights@auxillias.com