UK FCA Consumer Duty (Principle 12 and PRIN 2A)
PRIN 2A.8 to 2A.11: governance and culture, monitoring, redress and product book sales – UK FCA Consumer Duty (Principle 12 and PRIN 2A)

UK FCA Consumer Duty (Principle 12 and PRIN 2A) 2a8-board-report: At least annually the governing body reviews and approves a report on the outcomes retail customers receive, confirms the firm is complying, and agrees the actions and strategy changes needed

What does 2a8-board-report require?

The firm must put a report before its governing body on what its PRIN 2A.9 outcome monitoring found and what actions follow. At least once a year the governing body must review and approve the firm's own assessment of whether its retail customers are getting good outcomes, confirm whether the Duty is being met, and, in approving the report, agree what will be done about any identified risk of poor outcomes, what will be done for customers who were harmed, and whether the firm's future strategy needs to change. The FCA has reviewed the first annual board reports and published its findings on good and poor practice.

Maintained by Gerard Blokdyk

Other controls in PRIN 2A.8 to 2A.11: governance and culture, monitoring, redress and product book sales – UK FCA Consumer Duty (Principle 12 and PRIN 2A)

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