When completing an annual Consumer Duty Board Report, it is important that the focus is placed on the outcomes customers are actually receiving, rather than simply describing the firm’s policies and procedures. The FCA is clear that good outcomes must be demonstrated in practice, not assumed based on having documentation in place.
An outcome-led report should be structured around the four Consumer Duty outcomes: Products and Services, Price and Value, Consumer Understanding, and Consumer Support. Each section should clearly explain what good outcomes look like for the firm’s customers and how the firm has satisfied itself that these outcomes are being delivered.
This approach helps the firm move beyond high-level statements and encourages meaningful assessment of whether products and services continue to meet customer needs and expectations. It also supports clearer oversight and challenge, particularly where outcomes may not be consistent across all customer groups.
Firms that adopt an outcome-focused approach are better placed to identify risks early, take timely action where needed, and evidence compliance with the Consumer Duty in a way that is clear, proportionate and regulator-ready.
