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DEADLINE 31 JULY 2026
FCA Consumer Duty: Board Annual Report Pack
31 July 2026 Board Report Deadline | FCA PRIN 2A | Consumer-Facing Regulated Firms
PRIN 2A.10.11R requires FCA-regulated consumer-facing firms to produce an annual Consumer Duty board report by 31 July 2026. The board must review and approve the report. This pack provides the template and framework to meet that requirement.
What This Pack Contains
- Consumer Duty board annual report template (ready to complete and present to board)
- Outcome-by-outcome KPI framework — products and services, price and value, consumer understanding, consumer support
- Vulnerable customer monitoring and reporting checklist
- Common FCA findings from Consumer Duty supervisory work to avoid
- Management information framework — what the board should receive throughout the year
- 10 board questions for the July 2026 Consumer Duty report
The July 2026 Board Report Requirement
PRIN 2A.10.11R requires the management body (board) of every FCA-regulated firm that serves retail customers to review and approve an annual report assessing the delivery of good outcomes under the Consumer Duty. The 2026 report is due by 31 July 2026.
What the Report Must Cover
- Assessment of outcomes being delivered for retail customers across all four outcome areas
- Results of monitoring data against the firm’s Consumer Duty metrics
- Identification of any areas where good outcomes are not being delivered
- Actions taken or planned to address poor outcomes
- Assessment of whether the firm’s Consumer Duty implementation remains fit for purpose
- Board’s conclusion on whether the firm is meeting its Consumer Duty obligations
The Four Consumer Duty Outcomes
| Outcome | Regulatory Requirement | Key Metrics |
|---|---|---|
| Products and Services | Products and services must be designed to meet the needs of identified target markets and not cause foreseeable harm | Product complaints rate; claims rejection rates; product review outcomes |
| Price and Value | Price must be reasonable relative to the benefit consumers receive; firms must identify and address poor value | Price vs value assessments; fair value reviews; consumer outcomes by segment |
| Consumer Understanding | Communications must be clear, fair, and not misleading; consumers must be able to make informed decisions | Comprehension testing results; complaint themes related to misunderstanding |
| Consumer Support | Support must enable consumers to realise the benefits of products and pursue complaints; no unreasonable barriers | Call wait times; complaint volumes and resolution times; digital channel availability |
10 Board Questions for the July 2026 Report
- Has the board reviewed and approved the Consumer Duty annual report as required by PRIN 2A.10.11R?
- Does the report contain outcome data across all four Consumer Duty outcomes — or does it describe activity only?
- Are there any outcome areas where our data shows customers are not receiving good outcomes?
- What actions have been taken since the 2025 board report to address any poor outcomes identified?
- How do outcomes for vulnerable customers compare to the overall customer population — and is the difference acceptable?
- Is our price and value assessment methodology genuinely assessing value to customers, or only cost versus price?
- Are closed products and legacy books included in our Consumer Duty monitoring?
- What consumer understanding testing have we done, and what did it show about whether customers understand our products?
- Has the board satisfied itself that the firm’s Consumer Duty implementation remains fit for purpose as products and markets evolve?
- Have we reviewed any FCA Dear CEO letters or supervisory findings relevant to our sector, and do they identify gaps in our approach?
This pack is included in the INFORMD Executive Team plan (£299/month) and available as a standalone download. Contact us for enterprise or multi-firm access.