All firms regulated by the Financial Conduct Authority (FCA) must be able to produce and demonstrate how they are gathering and using Management Information (MI) to support their ongoing compliance.
MI plays a vital role in helping firms meet their obligations under both the Consumer Duty and the long-standing Treating Customers Fairly (TCF) principles. The FCA expects firms to proactively use MI to assess whether they are delivering good outcomes for customers, identify any areas of concern, and take steps to improve products, services, and customer support.
There is no set list of what MI you must gather, but it should be useful, relevant and proportionate to your business. Examples may include:
- The number of enquiries and the outcomes
- Conversion rates and reasons for non-take-up
- Advice versus non-advice sales
- Complaints data and root cause analysis
- Customer feedback and cancellation rates
- Outcome testing and quality assurance results
Meaningful MI doesn’t just support regulatory compliance – it can also help drive improvements across your business and ensure that your customers are consistently receiving fair value and clear, supportive service.
