Category: Compliance & AML · Reviewed by Amy Price, Account Executive · Last reviewed June 2026
The Consumer Duty requirement that a firm’s board (or equivalent governing body) receive, review and challenge a substantive annual assessment of the firm’s delivery of good outcomes for retail customers — covering monitoring data, outcomes by customer segment, action taken, and forward look.
The Annual Board Report on Consumer Duty is the substantive document that the board considers at least annually to assess the firm’s Consumer Duty performance. It is required by PRIN 2A.8 and must include outcomes monitoring data, an assessment of any issues identified, evidence of action taken, and a forward look.
FCA Handbook, PRIN 2A.8. Made under FSMA section 137A. FCA Policy Statement PS22/9 introduced the requirement, with FG22/5 providing implementation guidance.
The report must address: how the firm has assessed customer outcomes; results across the four outcome areas and the cross-cutting rules; whether the firm has identified vulnerable customers and how they are being supported; results across different distribution channels and customer segments; complaint patterns and root cause analysis; remediation actions taken; an assessment of whether the firm is delivering good outcomes; a forward look at planned actions. The board reviews, challenges and approves the report — this is not a “noting” item.
The report is firm-specific. Manufacturers’ reports focus on product-level outcomes; distributors’ reports focus on distribution-channel and value-add outcomes. For multi-product firms the report is structured by product or business line. The first reports were due 31 July 2024 (for the first year of operation) and annually thereafter.
Apex’s annual Consumer Duty board report covers customer outcome MI by product line, manufacturer fair value confirmations, distributor value add, vulnerability framework outcomes, complaint trends, root cause analysis of patterns identified, action plans for the following year, and a directors’ attestation that the firm is delivering good outcomes for retail customers.
FCA Handbook, PRIN 2A.8. FCA Policy Statement PS22/9. FCA Finalised Guidance FG22/5.
By Matt Bartlett, Director, on 2026-06-11.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-11. Apex Insurance Brokers Limited, FCA FRN 724952, Companies House 07014570. Not regulated advice — consult your broker on your specific position.
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