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On 31 July the Consumer Duty will apply to closed products and services for the first time, and will have been in force for new and existing products for one year.
To mark these milestones, on 31 July we are livestreaming an event for firms where we will focus on:
- The impact the Duty has had in its first year
- Examples of good practice and areas for improvement
- The FCA’s priorities for the year ahead
Registration is required.
Our rules require a firm’s board, or equivalent governing body, to review and approve a report on the outcomes received by retail customers. This assessment needs to be done at least once a year, so for firms with new and existing products and services the first report is due by 31 July 2024.
We have updated our information for firms page to include our expectations and requirements on annual board reports.
We have published the key findings from our review of larger insurance firms’ approaches to outcomes monitoring under the Duty. While the review focussed on insurance firms, it contains examples of good and poor practice which may be useful to firms from other sectors, particularly if you are finalising your first annual board report.
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