Insurance multi-firm review of outcomes monitoring under the Consumer Duty

Jun 26th '24

Firms must regularly monitor the outcomes retail customers receive to identify whether they are meeting their obligations under the Consumer Duty.


Under the Consumer Duty (the Duty) firms must regularly assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Duty.


This publication sets out the key findings from the Financial Conduct Authority (FCA) review of larger insurance firms’ approaches to outcomes monitoring under the Duty.


The FCA recognise this represents a new expectation of firms and have set out examples of good and poor practice to help all firms raise their standards where necessary.


Firms that identify gaps in their compliance with the rules should act immediately, putting robust plans in place to address any shortcomings.


Read more, here.


Source: FCA


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