Consumer Duty Board assessment

Boards must conduct an annual assessment of their firm's compliance with the Consumer Duty, evaluating whether good outcomes are being delivered and whether the business strategy aligns with Principle 12 and PRIN 2A.

A rigorous board assessment provides the evidence and challenge the FCA expects, demonstrating that the board has scrutinised performance, identified gaps, and taken ownership of remediation. Without this formal assessment, firms risk regulatory censure and reputational damage.

Our enhanced Consumer Duty board assessment template helps you document board-level review, evidence effective challenge, and demonstrate accountability for customer outcomes.

Executive summary framework

Clear executive summary guidance that helps your board articulate overall customer outcomes, compliance status, and priority actions with evidence of effective challenge.

Governance and board oversight

Structured sections covering governance arrangements, board-level ownership, and how responsibility for customer outcomes is embedded across the business, not just within Compliance.

Four outcomes assessment tables

Comprehensive coverage of all four outcomes with RAG-rated assessment tables, findings, key metrics, risks and issues, and corrective actions for customer support, understanding, price and value, and products and services.

Business strategy consistency assessment

Guidance on assessing whether your future business strategy is consistent with obligations under Principle 12 and PRIN 2A, with clear criteria for Board approval.

Board challenge and approval evidence

Structured approach to documenting Board review, challenge and approval of the Consumer Duty report, with evidence of effective challenge supported by board meeting minutes.

Latest FCA supervisory updates

Updated guidance reflecting FCA's February 2025 changes, including removal of mandatory Consumer Duty champion requirements and how board-level ownership is now embedded within broader governance frameworks.

Assessment tables and remediation tracking

Ready-to-use tables for documenting harm definitions, test areas, findings, key metrics, RAG ratings, risks and issues, and corrective actions with clear owners, timescales and evidence.

Practical examples and benchmarking insights

Practical examples and good practice insights from fscom's experience delivering Consumer Duty compliance maturity assessments, benchmarking reviews and implementation support across financial services firms.

What does the Consumer Duty board assessment template cover?

The Consumer Duty board assessment template is a comprehensive framework designed to support financial services firms in documenting their board's review, challenge, and approval of Consumer Duty compliance. It provides structured sections covering governance arrangements, the four Consumer Duty outcomes (customer understanding, customer support, price and value, products and services), consolidated findings with RAG ratings, risk and issue identification, corrective action plans, and formal board approval statements confirming compliance with Principle 12 and PRIN 2A.

How does this template help firms meet FCA expectations for board oversight?

The template helps firms meet FCA expectations by providing documentary evidence of board-level oversight, review, and challenge of Consumer Duty implementation. It includes pre-structured sections aligned with FCA requirements for evidencing customer outcomes, demonstrating effective governance, and confirming board approval. The template features detailed assessment tables with test areas, key metrics, RAG ratings, and corrective action tracking - ensuring your board assessment is comprehensive, evidenced, and demonstrates genuine board engagement with Consumer Duty obligations.

Is this template relevant to my firm and regulatory obligations?

Yes. The template is designed for all UK financial services firms subject to Consumer Duty requirements - including manufacturers, distributors, and firms providing products and services to retail customers. It reflects current FCA expectations (including the February 2025 update embedding board-level ownership within broader governance frameworks) and is informed by fscom's practical experience delivering Consumer Duty compliance maturity assessments, benchmarking reviews, and implementation support across multiple financial services sectors.

What specific sections and guidance are included in the template?

The template includes sections for executive summary, purpose of report, regulatory background, governance arrangements, and detailed board assessment tables for each of the four Consumer Duty outcomes. Each outcome section features test areas (such as communication channels, vulnerable customer considerations, pricing transparency, and target market analysis), columns for findings, key metrics, RAG ratings, risks and issues, and corrective actions with assigned owners and timescales. The template concludes with formal board approval statements confirming compliance with Principle 12 and PRIN 2A, or documenting remediation commitments where gaps exist.

Why should I trust fscom's Consumer Duty board assessment template?

fscom is a leading specialist consulting firm providing governance, risk and compliance solutions to financial services institutions in the UK and Ireland. Our team comprises former FCA regulators, senior compliance officers, MLROs, and Consumer Duty specialists with extensive UK and EU experience. The template is informed by our hands-on experience delivering Consumer Duty compliance maturity assessments, benchmarking reviews, and practical implementation support - helping firms evidence good customer outcomes and meet FCA expectations for board-level oversight.

Can fscom provide additional support with Consumer Duty compliance?

For tailored support completing your Consumer Duty Board Assessment, conducting compliance maturity assessments, or strengthening your Consumer Duty framework and governance arrangements, contact us at info@fscom.co or call +44 (0) 28 9042 5451. Our team of former regulators and compliance leaders can provide practical, step-by-step guidance aligned with your firm's specific needs and regulatory obligations.

About this Consumer Duty board assessment template

fscom Compliance Maturity Specialists^TM provide governance, risk, and compliance solutions to financial services institutions across the UK and Europe. Led by former regulators, compliance leaders, and Consumer Duty specialists, fscom brings deep regulatory understanding and practical implementation expertise to help firms meet evolving FCA expectations.

This enhanced Consumer Duty board assessment template is designed to support the board's assessment of the firm's Consumer Duty framework, governance arrangements, and oversight processes. Informed by fscom's experience delivering Consumer Duty compliance maturity assessments and benchmarking reviews, the template provides a clear and structured basis for evidencing customer outcomes, demonstrating effective board challenge, and documenting compliance with Principle 12 and PRIN 2A. The assessment reflects FCA expectations that Consumer Duty remains a top board priority, with ultimate accountability sitting with boards and senior management.

Demonstrate board accountability for delivering good customer outcomes.