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‘Many firms need to make improvements’ as FCA publishes Consumer Duty outcomes review

By 2024-06-26T13:00:00

Inquest

Few firms had been able to provide clear evidence of where monitoring outcomes had led directly to action around improving these outcomes

The FCA has published the results of a multi-firm review it undertook in December 2023 to examine the progress of the insurance sector’s compliance with the Consumer Duty. 

Its findings showed that “many firms need to make improvements in their monitoring to enable them to determine whether they are delivering good outcomes for retail customers” as specified in the Consumer Duty.

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