Adviser guide aims to 'demystify' Consumer Duty annual reporting

Firms to produce first annual Consumer Duty board report

Sahar Nazir
clock • 1 min read

The Consumer Duty Alliance has launched a guide aimed helping advice firms plan, prepare, and produce their first annual board report on the Financial Conduct Authority’s (FCA) regulation.

The report is due on 31 July 2024, which will mark one year since the regulation took effect. The guide has been produced by the Consumer Duty Alliance with support from Kroll's UK regulatory consulting team and a panel of practitioners. It will look at how to prepare a firm for the report's requirements, recognising proportionality for small firms, what to include in an assessment, and how to structure the report so it is aligned with the FCA's expectations. Consumer Duty Alliance chief executive Keith Richards said "For many firms, this is likely to be the first time they've had ...

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