FCA encourages monitoring review ahead of first Consumer Duty annual report deadline

deadline

The Financial Conduct Authority has found many firms need to make improvements in their monitoring to enable them to determine whether they are delivering good outcomes for retail customers, as required by the Consumer Duty.

Last December, the watchdog asked 20 larger insurance firms, including providers and brokers, for key information.

RelatedConsumer Duty timeline ambitious but achievable, says FCA FCA urges focus on Consumer Duty annual board report obligations 

The businesses had to show how they monitor, assess, and test the outcomes customers are receiving, along with actions taken after identifying poor outcomes.

The review was focused on outcomes monitoring only and did not include any assessment of underlying

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Broking Success: Fiercely independent

Paul Wadsworth, managing director of FR Ball, is looking to grow the business to £24m gross written premiums as it aims to offer soft landings for acquisitions.

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: