Regulations
By James Thorp
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What Changed Since Last Year. Communication got clearer. Product design got sharper. Customer support became more responsive.
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Where Firms Still Fall Short. Progress happened. But gaps remain.
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Getting Ready for Year Three. The third cycle of Consumer Duty Board reports is coming.
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The Financial Conduct Authority just wrapped its review of second-year Consumer Duty Board reports.
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Boards asked tougher questions this time around. They pushed harder on whether products deliver fair value and whether customers get the support they need.
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The FCA noted that boards stopped just nodding along when management presented reports. They dug into the numbers and asked why certain metrics looked the way they did.
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Firms built better systems for monitoring customer experiences in real time. Instead of waiting for quarterly reviews, they set up dashboards and alerts that flag potential…
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The shift shows up in governance too. Boards now treat Consumer Duty as a core business priority rather than a compliance checkbox.
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The FCA said some firms still struggle with outcome-focused reporting. They collect data but don't always connect it to what customers actually experience.
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Data maturity varies widely across firms. Some companies built sophisticated systems that track customer journeys from start to finish.
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Boards need to keep pushing on the insights they receive. It's not enough to see that complaint volumes dropped or satisfaction scores rose.
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The FCA pointed out that truly outcome-focused reporting remains a work in progress for many firms.
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The third cycle of Consumer Duty Board reports is coming. Firms need to use what they learned from the first two rounds to make their reporting sharper and more focused on real…
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The regulator wants companies to refine how they use data and insights. That means going beyond surface-level metrics to understand the underlying drivers of customer experiences.
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Boards should reflect on what worked and what didn't over the past two years. The FCA said this reflection period matters because it helps firms identify blind spots and areas…
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