FCA reveals review findings of first annual Consumer Duty board reports
The Financial Conduct Authority has set out five areas for improvements and five good aspects having reviewed the first annual Consumer Duty board reports from 180 firms.
According to the watchdog it has published the details “so that everyone can learn and improve”.
The FCA’s sample was drawn from across the retail banking, wholesale, insurance, payments, consumer investments and consumer finance sectors.
Some action plans and improvements were not accompanied by further details such as timescales, action owners, and clarity on the data that would be used to evidence good outcomes.
It included a range of firm sizes and featured 55 smaller firms, some of which have
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