FCA's Consumer Duty review finds weak focus on customer outcomes

Over the last year, the regulator's review observed that these firms relied on high-level monitoring without a clear structure for identifying poor outcomes, understanding their causes or taking appropriate action. While the strongest approaches were "structured, evidence-based and focused on using information to identify risks", the FCA said, some firms need to do more to make monitoring "proactive and outcomes-focused, demonstrate how information drives action and test whether interventions are effective". There are also still areas for improvement in how firms use and evidence mana...