Nosto’s Post

Square 4's Consumer Duty Board Report – A Helpful Guide Consumer Duty has been the largest and most far-reaching piece of regulatory change for the last decade, and this first annual Board Report is a significant opportunity for firms to demonstrate they are taking the regulatory sentiment and achieving good outcomes for their customers seriously. It is widely publicised that the Financial Conduct Authority will undertake some thematic testing of the Board Reports across all sectors, and it will surely benefit firms where they are seen to be undertaking a thorough and detailed assessment with appropriate data analysis, conclusions, and actions being taken. Square 4 Partners recently ran a Consumer Duty Board Report Masterclass in collaboration with PIMFA - Personal Investment Management & Financial Advice Association, and found that: - 75% of firms were partway through their draft reports, assessing data and drawing conclusions - 10% of firms had not yet started their report; and  - 15% had completed their reports and were going through a sign-off process In addition, the three biggest challenges for firms were: - Data access and analysis  - Drawing adequate and justifiable conclusions  - Report timelines and capacity Square 4 Partners has been supporting our clients develop and critically assessing their Consumer Duty Board Reports. Through our work, we have developed a comprehensive Square 4 Consumer Duty Board Report Guide, which we are making available on our website to firms across all sectors. The purpose of this document is to help firms ensure that all regulatory expectations, rules, guidance, and industry best practices are effectively considered, evidenced, and approved. Ensuring a robust approach will enable firms to adequately demonstrate they are meeting their Consumer Duty obligations, and have plans in place to continue improving customer outcomes on an ongoing basis. To download the full guide, please visit our website via the link below. Should you wish to discuss how we might be able to support your firm further, please get in touch with us at hello@square4.com or the team below. Contacts: Sean Kulan, Client Relationships Director – skulan@square4.com Elliot Cooper, Client Partner – ecooper@square4.com #consumerduty #boardreport #financialservices #regulatorychange

Square 4's Consumer Duty Board Report – A Helpful Guide Consumer Duty has been the largest and most far-reaching piece of regulatory change for the last decade, and this first annual Board Report is a significant opportunity for firms to demonstrate they are taking the regulatory sentiment and achieving good outcomes for their customers seriously. It is widely publicised that the Financial Conduct Authority will undertake some thematic testing of the Board Reports across all sectors, and it will surely benefit firms where they are seen to be undertaking a thorough and detailed assessment with appropriate data analysis, conclusions, and actions being taken. Square 4 Partners recently ran a Consumer Duty Board Report Masterclass in collaboration with PIMFA - Personal Investment Management & Financial Advice Association, and found that: - 75% of firms were partway through their draft reports, assessing data and drawing conclusions - 10% of firms had not yet started their report; and  - 15% had completed their reports and were going through a sign-off process In addition, the three biggest challenges for firms were: - Data access and analysis  - Drawing adequate and justifiable conclusions  - Report timelines and capacity Square 4 Partners has been supporting our clients develop and critically assessing their Consumer Duty Board Reports. Through our work, we have developed a comprehensive Square 4 Consumer Duty Board Report Guide, which we are making available on our website to firms across all sectors. The purpose of this document is to help firms ensure that all regulatory expectations, rules, guidance, and industry best practices are effectively considered, evidenced, and approved. Ensuring a robust approach will enable firms to adequately demonstrate they are meeting their Consumer Duty obligations, and have plans in place to continue improving customer outcomes on an ongoing basis. To download the full guide, please visit our website via the link below. Should you wish to discuss how we might be able to support your firm further, please get in touch with us at hello@square4.com or the team below. Contacts: Sean Kulan, Client Relationships Director – skulan@square4.com Elliot Cooper, Client Partner – ecooper@square4.com #consumerduty #boardreport #financialservices #regulatorychange