A report from the Chartered Insurance Institute (CII) found firms faced challenges with Consumer Duty Board reporting, especially when it came to knowing what data to include, getting hold of the right data, and integrating it.
More firms said they struggled to show the links between different data sets and had to enter data manually since 2024.
In a roundtable hosted by the CII, insurance and financial planning professionals were joined by Financial Conduct Authority (FCA) representatives to go over the results and discuss recommendations for 2026.
The data showed some progress, with firms reporting improvement in six out of eight areas, like getting buy-in from colleagues and explaining why some data gaps exist.
The roundtable followed a review of 180 Consumer Duty Board reports in December 2024, where the FCA found good quality data, analysis of different customer types, and a focus on outcomes.
However, areas to work on included not enough challenge from the board, a lack of action, and little analysis on different customer segments.
At the roundtable, participants said there’s a need for standardised templates and metrics across the sector to help firms share data more easily and avoid misunderstandings.
They added that sector-wide frameworks would let firms pick metrics that suit them but still make it possible to compare data.
The CII has committed to several actions.
These include leading a cross-sector working group, including consumers, to find solutions; publishing guidance on vulnerability management and GDPR; putting Consumer Duty reporting good practice into CII qualifications and professional development resources; and carrying out lived experience research from vulnerable people.
Matthew Hill, CEO at the CII, said: “While it is encouraging to see some improvement across most categories, the data shows that firms continue to face challenges in producing Consumer Duty Board reports.
“A lack of clarity in reporting undoubtedly tells a broader story of firms’ abilities to achieve the goals intended with the FCA’s Consumer Duty guidelines.
“The CII will look to take every opportunity to support further progress through the commitments outlined in this report.”
