FCA urges focus on Consumer Duty annual board report obligations

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Nisha Arora, director of cross-cutting policy and strategy at the Financial Conduct Authority, has called on firms not to delay their preparations for the annual Consumer Duty board reports.

It has been three months since the 31 July deadline when the Consumer Duty came into force. The Duty set out that businesses had to show they were delivering good consumer outcomes, especially for customers who may be vulnerable.

Don’t delay

In a speech at Deloitte’s Consumer Duty – Next Steps event yesterday, Arora stressed that at least once per year a company’s board or equivalent governing body must approve an assessment on whether the firm is providing good outcomes for customers.

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