Consumer Duty board reports

Published 11 February 2025

The FCA’s latest review provides key insights into how firms are embedding Consumer Duty into their business operations. This paper outlines the FCA’s findings, common challenges, and practical steps for smaller lenders.

Price and value outcome

Published 06 February 2025

As you will be aware, the FCA has introduced the Consumer Duty to ensure that all financial firms, including smaller consumer credit providers, deliver products and services offering fair value to consumers. At the close of 2024, they published an update titled “Price and Value Outcome: Good and Poor Practice,” which provides insights into firms’ fair value assessments under the Consumer Duty.

High cost credit market

Published 20 August 2024

The CCTA position is set out here. This includes points made in response to questions by the FCA. The regulator’s questions and their occasional response is captured in purple. Questions from CCTA are in green.

Consumer Duty (2024-1)

Published 05 August 2024

We are now in the second year of the Consumer Duty. The FCA held an event to celebrate the first anniversary and invited trade associations on 31 July 2024. Some of that was available online, and many firms took advantage of that opportunity. This paper briefly summarises the keynote address and provides a little more detail from a separate break-out session facilitated by Roma Pearson, Director of Consumer Finance.

Consumer Duty – one year on

Published 01 August 2024

It has now been one year since the Consumer Duty came into force for new and existing financial products and services. We are sure that firms will agree; it has been quite a journey so far! The implementation of the Duty has been a somewhat phased approach. The financial services industry had deadlines in relation to approved implementation plans and information exchange requirements. We are now at the stage of the final, hard deadline set for firms under the Duty, that deadline being Annual Board Reports and closed products and services.

Annual board reports and closed products

Published 07 May 2024

At the time of writing (May 2024), we are now nine months into the Consumer Duty since the implementation deadline of 31 July 2023. It is now essential to ensure that our members are fully aware of the upcoming requirements of the Duty: the production of an annual board report for the firm’s governing body and the deadline for closed products coming into the scope of the Consumer Duty. Both these requirements have a deadline of 31 July 2024.

Board reports

Published 06 March 2024

This workshop looked at how firms can work towards building their annual board reports, the first of which was required by 31 July 2024. We provided insights into the type of data firms should be using to populate their board report and explained the level of data that should be included.

Next steps on Consumer Duty

Published 09 February 2024

We are now into the seventh month since the implementation of the Consumer Duty. We know that many firms continue with their efforts and focus on meeting the requirements of the Duty and achieving improved consumer outcomes. No doubt firms will agree that it has been an intensive journey thus far. It was always meant to be about delivering continuous improvement in customer outcomes, but now is also an appropriate time to remind firms of the upcoming requirements as to the next steps in that journey.

Consumer Duty (2023-1)

Published 07 September 2023

We know that many of our members have spent the best part of the last year focussing on Consumer Duty. Since the FCA published its Consumer Duty Policy Statement and Guidance Paper in July 2022, the industry focus shifted towards understanding the Duty and the requirements laid down by the regulator.

Spring 2023 Summit – readout

Published 01 June 2023

In this guidance paper, we are covering the discussion on Consumer Duty which was held during our panel session at our Spring Summit in London. The paper also contains information about two key updates from the FCA following our Summit: a speech by FCA’s Sheldon Mills on the countdown to Consumer Duty implementation and the FCA’s review of firms’ fair value assessments.

Information exchange templates

Published 06 April 2023

As firms work through the implementation of the Consumer Duty requirements, one key deadline which our members will be aware of is the exchange of information deadline between manufacturers and distributors. Firms will need to have exchanged relevant information with the distribution chain by 30 April 2023. There are requirements for both manufacturers and distributors in respect of this deadline.

Roundtable on Consumer Duty implementation

Published 28 February 2023

This note is a readout from a meeting we recently attended with the FCA. This will interest CCTA members who are involved in Consumer Duty implementation.