FOI reveals smaller broker involvement in FCA’s first Consumer Duty board reports review
The Financial Conduct Authority included 34 firms from the insurance sector in its review of the first annual Consumer Duty board reports, a Freedom of Information request from Insurance Age has revealed.
The Consumer Duty targeted at ending rip-off fees, and making it easier for people to switch and cancel products, had come into force on 31 July 2023 and as far back as November 2023 the FCA was urging companies to focus on the annual board report obligations.
The watchdog released the findings of the inaugural board reports from 180 firms last December.
At the time, the regulator noted that 55 of the businesses were smaller firms, some of which had less than 10 employees.
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