Consumer Duty Bulletin: Governing Body Report - Get prepared now

At least once per year, the governing body of a firm must review and approve a report on how that firm is meeting Consumer Duty, and in doing so specifically consider the outcomes retail customers of the firm have received, the firm’s compliance with its obligations under the Duty and the appropriateness of the firm’s future business strategy.

And this needs to be done no later than 31 July 2024.  The clock is ticking!

In this Consumer Duty Bulletin, we look at why the report needs to be done, what it should look like / must include and what firms should be doing in order to effectively report and meet the deadline.

You can download this bulletin via the form below. 

Auxillias is already working with a number of clients in supporting their preparations for the Consumer Duty Governing Body Report. We can help you to sense check your approach, assess the appropriateness of your MI. We also regularly train boards and senior managers on the Duty and compliance with it.

We can provide independent assurance of compliance with the Duty as well as legal, regulatory, compliance and risk management advice on proposed actions and activities.

Auxillias is also offering bite-size Consumer Duty workshops for staff of all levels in the industry as part of the Auxillias Academy. They will cover topics such as the new Consumer Duty principle and cross cutting rules, insight to the senior managers requirements, monitoring and MI, consumer understanding and consumer support outcome. Click here to register your interest.