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

Review into firms’ outcomes monitoring

Sophia Panayi
clock • 2 min read

The Financial Conduct Authority (FCA) has found some firms’ monitoring frameworks were not clearly focused on customer outcomes or the risks of harm, following a review into firms’ outcomes monitoring under Consumer Duty.

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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

PRA publishes consultation into mutual transfers

PRA publishes consultation into mutual transfers

Encouraging “healthy market dynamics”

Cameron Roberts
clock 22 July 2026 • 2 min read
IPT raises £2.17bn in Q1 26/27

IPT raises £2.17bn in Q1 26/27

Up £2m year-on-year

Cameron Roberts
clock 21 July 2026 • 2 min read
Yvette Cooper appointed as Health Secretary

Yvette Cooper appointed as Health Secretary

Replaces James Murray

Cameron Roberts
clock 21 July 2026 • 2 min read