Consumer Duty Board Report

Download board report template below

The FCA expects firms' boards or governing bodies to review and approve an annual board report, assessing whether the firm is delivering good outcomes for its customers consistent with Consumer Duty.

This assessment should include the results of monitoring that the firm has undertaken to assess the outcomes its products and services are delivering. It should also include any evidence of poor outcomes, including whether there are any groups of customers who are receiving poorer outcomes when compared to other customer groups, and an evaluation of the root cause and impact of this.

An overview of the actions taken to address any risks or issues and how the firm’s future business strategy is consistent with acting to deliver good outcomes under the Duty, should also be included in the Board report.

After assisting numerous firms with their board reports, Cosegic created a Consumer Duty Board Report template which provides a framework to document the risks and issues in delivering good customer outcomes. Click below to download a copy.

Consumer Duty Board Report Template