The board report, with the evidence under it.
We set up outcomes monitoring that answers the four outcome tests from your own data, and produce the report your governing body has to approve every year.
The obligation, plainly
A firm must monitor the outcomes retail customers receive (PRIN 2A.9.8R) and determine whether products met needs, provided fair value, left customers properly informed and gave them the support they needed (PRIN 2A.9.9R). It must spot any group of customers doing worse (PRIN 2A.9.10R), find root causes (PRIN 2A.9.11R) and act (PRIN 2A.9.12R). The governing body reviews and approves a report on all of it at least annually (PRIN 2A.8.3R, PRIN 2A.8.4R).
Year three
For the third cycle of board reports the FCA has asked firms to link data clearly to customer outcomes, monitor outcomes delivered by third parties, evidence meaningful board challenge, and deepen their assessment of consumer understanding and support 18. CP26/23 on scope and proportionality leads to a policy statement and any new rules in Q1 2027 19.
What we deliver
- The monitoring design: which data answers which test
- The group comparison: customers with characteristics of vulnerability, channels, broker cohorts, age bands
- A root-cause process
- The annual report, drafted from evidence
- Communications testing (PRIN 2A.5.10R)
- Fair value assessments (PRIN 2A.4.3R, PRIN 2A.4.24R)
Questions
Short answers, with the provision each one rests on.
How often must the board approve the Consumer Duty report?
At least annually. The governing body must review and approve the firm's report on the outcomes retail customers are receiving, confirm whether it is satisfied the firm is complying with the Duty, and assess whether future strategy is consistent with it (PRIN 2A.8.4R).
What are the four outcome tests?
Whether products and services meet customers' needs, whether they provide fair value, whether customers have the information to make effective decisions, and whether customers receive the support they need (PRIN 2A.9.9R).
Talk to someone who has done your job.
A 30-minute call, no deck. Bring the problem; we will tell you what we would do.