Improving Customer Outcome Testing has been saved
Improving Customer Outcome Testing
A practical guide for Boards
The need for firms to undertake customer outcome testing has been a long-standing expectation from the Financial Conduct Authority (FCA). However, since the implementation of FCA’s Consumer Duty (the Duty), there are clear rules and regulations requiring firms to deliver good customer outcomes. Our updated report provides practical guidance for firms on strengthening their approach to customer outcome testing, in light of new FCA rules.
The FCA expects firms, and the Board and Senior Executives in particular, to assess and monitor the outcomes their customers receive. Outcome testing can be a powerful tool with which to do this, in supporting firm monitor customer outcomes more holistically. Often, however, it is impeded by challenges and weaknesses in how firms approach it.
This report provides the Board and Senior Executives responsible for customer outcomes with a thorough understanding of the outcome testing process and sets out some of the key questions and challenges they can raise to assure themselves that it is robust and fit for purpose.
About the Centre for Regulatory Strategy, EMEA
The Deloitte Centre for Regulatory Strategy is a powerful resource of information and insight, designed to assist financial institutions manage the complexity and convergence of rapidly increasing new regulation.
With regional hubs in the Americas, Asia Pacific and EMEA, the Centre combines the strength of Deloitte’s regional and international network of experienced risk, regulatory, and industry professionals – including a deep roster of former regulators, industry specialists, and business advisers – with a rich understanding of the impact of regulations on business models and strategy.