The FCA has updated its Consumer Duty – information for firms webpage to include further detail around annual board reports. From July the FCA will be reviewing a broad sample of firms’ board reports and will publish its insights to help drive good practice.
The FCA reminds firms that they do not need to send in their board reports, but the regulator does expect firms to be able to provide the report if asked to do so.
The first annual board report is due by 31 July 2024.