FCA PUBLISHES CONSUMER DUTY BOARD REPORT UPDATE
The FCA published its latest review of Consumer Duty "annual" reporting, as we prefer to refer to it, in recognition that not all small firms have a board. This highlights both good practice and areas where improvements can be made. The message is clear: Consumer Duty cannot be evidenced through narrative alone. Firms are expected to use meaningful data and insight to assess client outcomes, identify emerging risks and take action where needed.
The FCA also emphasises the importance of clear structure, effective challenge and robust management information across all four Consumer Duty outcomes. Firms that treat consumer duty reporting as a live management tool - rather than a retrospective compliance exercise - are better placed to demonstrate effective oversight and accountability.
UPCOMING CONSUMER DUTY DATA GUIDE
In response, the Consumer Duty Alliance Data Forum will shortly publish a practical guide and checklist to help firms manage, monitor and report their data more effectively.
The guide is designed to bridge the gap between regulatory expectations and day‑to‑day operational reality, with a focus on improving data literacy, clarifying ownership and establishing reliable sources of truth.
Learn more about the guide in this FTAdviser article CDA echoes FCA call for data-driven consumer duty reports. We'll share the guide with members in the coming weeks.
WOMEN'S WEALTH ALLIANCE: LEADERSHIP AND CAREER PROGRESSION
This month marked an important milestone for the Women’s Wealth Alliance, with the appointment of its board and first steering group meeting.
Work is underway on initiatives to support better gender balance across the sector, including a careers guide for women in personal finance, practical support for improving the female client journey and guidance to help firms attract more women into advice firm roles.
NEW TALENT ALLIANCE: BRINGING CLARITY TO SECTOR DATA
The New Talent Alliance (NTA) published new analysis addressing inconsistencies in how data on the UK advice sector is interpreted and reported, alongside hosting a webinar for National Apprenticeship Week.
Key findings include:
- A continued reduction in the number of small advice firms
- Greater concentration of advisers within larger firms
- Ongoing fragility in the early career talent pipeline, particularly among under 25s.
Read more in this article in Professional Adviser - New Talent Alliance uncovers 'inconsistent' advice market data.
This work reinforces the importance of data clarity. The NTA’s analysis provides a shared baseline for understanding how the advice market is evolving and aligns closely with the FCA’s push for structured, comparable data.
The apprenticeship webinar explored practical case studies and what effective partnerships between apprentices, employers and training providers look like in practice. You can watch the session here.
Finally, the Financial Vulnerability Taskforce’s client facing bereavement guide has now exceeded 1,000 downloads. A follow-up campaign on bereavement good practice in advice firms will launch in the coming months.
None of this work would be possible without the strong pro bono commitment across our Alliance, reflecting a shared passion to raise standards, boost growth and improve outcomes across the advice profession.
Very best wishes,
Keith Richards, CEO, Consumer Duty Alliance
