A robust Consumer Duty Board Report should be supported by relevant and good quality management information. The FCA expects firms to use data to evidence the outcomes customers are experiencing, rather than relying solely on narrative assurances that outcomes are good.
Useful data may include complaints information, file reviews, customer feedback, quality assurance results, and monitoring activity. This information should be used to confirm where good outcomes are being achieved, as well as to identify any poor outcomes or emerging risks.
Where issues are identified, the report should clearly document what action has been taken, or is planned, to address them. This may include changes to processes, additional training, or enhanced monitoring. The FCA places particular importance on firms being able to demonstrate learning and improvement over time.
Using real data in this way supports a more objective and evidence-based assessment and helps demonstrate that the firm is actively monitoring outcomes and taking responsibility for addressing any areas of concern.
