Consumer Duty annual board report
FCA · Annually · Once a year, usually by 31 July
At least once a year, your firm's governing body must review and approve a report on the outcomes your retail customers are receiving. The first reports were due by 31 July 2024, and many firms have kept that date.
Check the date against your own records.
What the governing body has to do
Under PRIN 2A.8, at least once a year the governing body must:
- Review and approve the firm's report on the outcomes retail customers are receiving
- Confirm whether it's satisfied that the firm is meeting its obligations under the Consumer Duty
- Assess whether the firm's future business strategy is consistent with those obligations
Actions to agree
When approving the report, the governing body also agrees any action needed where customers may not receive, or haven't received, good outcomes, and any changes to the business strategy.
Is it sent to the FCA?
No. The report is an internal governance document rather than a submission, but you should be able to show it if the FCA asks.
Get reminded before it's due
Regmindr tracks this and the rest of your FCA calendar, and emails your team before each deadline. Set it up from your year end in about two minutes.
Sources
This page is a summary, not legal or regulatory advice. The rules in the sources above take precedence.