FCA releases best practices for Consumer Duty board reports

As part of Consumer Duty, the FCA requests that firms publish reports detailing best practices and areas for improvement in its implementation of the Duty. The regulator collated reports from 180 firms and has published a broad strokes guide to best practices and improvement areas. The announcement highlighted five aspects of a good report, those being: clear outcomes focus; good quality data; analysis of different customer types; clear process for production of the report; and a focus on culture throughout the firm. It also showed the five key areas for improvement, being: better dat...