Firms subject to Consumer Duty will be aware of the next looming deadline – the production of their first annual Consumer Duty Board report by the end of July 2024.
The Consumer Duty Board report will play a crucial role in evidencing how firms have provided good outcomes for consumers under the Duty. The FCA has communicated that they will expect to be provided with both the report and the underlying management information on request when testing compliance with the Duty.
Crafting an effective Consumer Duty Board report requires effective planning and use of information from monitoring and engagement throughout the firm.
The purpose of this white paper, delivered in collaboration with PIMFA, is to provide insight into how to produce an effective annual Consumer Duty Board report.
Alpha’s Chris Martin and Andrew Farrimond look to highlight what the FCA requires from the annual Board report alongside guidance on what the regulator will be looking for and how to produce the first annual report.
Click Here for the full report
About the Authors
Chris Martin
Partner – Regulatory Compliance & Risk
Chris is a Partner at Alpha with more than 16 years of experience across consulting, the regulator and industry, including as an ex-Head of Compliance & MLRO. Chris leads Alpha’s Consumer Duty proposition within the Regulatory Compliance & Risk Practice and has extensive experience in helping firms interpret and implement new and existing regulations.
Andrew Farrimond
Manager - Regulatory Compliance & Risk
Andrew is a Manager at Alpha with more than five years of financial services experience, including at the Financial Conduct Authority. Andrew has supported a number of asset and wealth management firms with the implementation and review of their Consumer Duty programmes and has practical experience of the regulator’s expectations.