FCA Insurance Multi-Firm Review of Outcomes Monitoring

At the end of June, the FCA shared key findings from its multi-firm review into outcomes monitoring under the Consumer Duty for the insurance sector. The FCA’s observations will resonate with all retail finance firms and our Regulatory Gap Analysis is the perfect tool to help you benchmark yourselves against FCA expectations. 

It is clear the FCA will be heavily reliant on data when considering compliance against the Consumer Duty but they acknowledged “While inadequate monitoring itself would not necessarily result in poor customer outcomes, monitoring is essential for firms to identify and remediate them.”  

The deadline for the first consumer duty board report is fast approaching. This gap analysis will help Firms challenge their own control framework and satisfy themselves that their monitoring of outcomes is good enough.  

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