| Link(s): | White Paper: Consumer Duty Board reporting (cii.co.uk) Consumer-duty-roundtable-reporting-final-25-september.pdf (cii.co.uk) |
Context
The CII has published a useful White Paper, with input gathered by FWD Research in July this year from Institute members directly involved in Board reporting, to support firms’ compliance with the FCA’s reporting requirements under the Consumer Duty. The research looked into the challenges the industry had encountered in producing these first editions, including finding, reconciling or generating data.
Key points to note and next actions
Two key issues arising from the survey were in relation to vulnerability and the time and resource being invested in the reporting process. The survey found many respondents would benefit from assistance to better understand the characteristics of vulnerability and identify vulnerable customers. Those who attended the roundtable also said they would welcome advice on storing and sharing information on these customers, given the need to meet other legislative requirements, such as GDPR rules.
Most firms said they would welcome more guidance from the regulator on how they should meet the reporting requirements. The Paper makes recommendations to help firms better implement the Consumer Duty and in doing so ensure customers benefit optimally from its introduction. It also sets out areas based on the findings that the CII intends to discuss with the wider sector, including with the FCA.
The paper discusses:
- Evidencing good customer outcomes: FCA expectations
- Research insights – quantitative and qualitative results
- Identifying vulnerable customers
- Understanding what data to include
- The role of customer feedback
- How should data be ‘arranged’
- Recommendations