The operating answer
The report should help the governing body assess customer outcomes and decide what needs to change. The FCA’s published review provides good-practice observations rather than one mandatory template. [FCA]
The workflow below is our editorial synthesis. Regulatory statements link to primary sources. Examples are hypothetical, and applicability requires a firm-specific assessment.
Evidence before the traffic light
For a significant conclusion, preserve the question, population, data source and limitations. A green indicator should not hide a missing denominator or a customer group whose experience differs from the average.
Show the challenge and the decision
Keep the board’s discussion of material evidence and unresolved issues. An action needs an owner, intended outcome and follow-up test. Approval of a presentation is not the same as a reasoned assessment of the product.
Carry the file forward
Retain open actions and explain changed measures between periods. The annual report should connect to the operating process during the year. Urgent harm should not wait for the next scheduled annual review.
Method, assumptions and limits
We use official sources for regulatory facts and label our suggested workflows as editorial methods. Illustrative examples are hypothetical. The content does not establish the position of any individual firm and is not a prescribed regulator template.
Source review date: 12 November 2026. No automatic monitoring is running. Check the underlying document, applicable entity, activity and jurisdiction before using this material.
Read the full methodologyQuestions, answered.
Is this individual legal or regulatory advice?
No. It is a source-based explanation. Applicability depends on the actual entity, product and circumstances.
Where can I go deeper?
The related operating playbook and linked primary sources provide the next reading step.
Sources & scope
Primary sources used for this research edition. Document dates and commencement dates are different fields. Recheck the issuing authority before acting.
- FCA: Consumer Duty board reports: good practice and improvementReview · source reviewed 12 November 2026
- FCA: Consumer Duty information for firmsGuidance · source reviewed 12 November 2026
- FCA: Payments Consumer Duty multi-firm reviewReview · source reviewed 12 November 2026