FCA survey outlines broker Consumer Duty performance and room for improvement
The Financial Conduct Authority has released the findings of a survey of 634 mainly SME firms, including 82 personal and commercial lines intermediaries, on compliance and action taken in response to the Consumer Duty.
The watchdog acknowledged the small sample size meant care needed to be taken on making generalisations. It argued the headline findings provided a snapshot on implementation and context for future work as it committed to taking action where needed.
The results showed 80% of brokers have conducted a fair value assessment of existing products with 11% having the work in progress and the remainder saying it is not applicable to their organisation.
The 80% total was higher than financial services
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