Consumer Duty: How firms should prepare for the 31 July deadline

We are now approaching the first anniversary of Consumer Duty, which brings with it the new mandatory requirement to have the first board attestation report made available by 31 July to demonstrate how the firm is adhering to the new regulations and evidencing client outcomes – both good and bad. This shouldn't be taken lightly as the Financial Conduct Authority (FCA) has been clear that it will ask for a sample of these reports and will also expect to see the firm's management information that sits behind it. Where to start? The report should be tailored and bespoke to each individ...