tool to create an industry benchmark in the absence of a firm view on ‘what good looks like’ under the FCA principles and outcomes. In this infographic, we illustrate the insight and findings from the aggregated data.
The Altus Consulting Consumer Duty self-assessment tool is a free-to-use tool, available online for financial services firms to assess their progress and capability around Consumer Duty vs. a common industry benchmark.
You can access our free Consumer Duty Self-Assessment tool online, here: https://consumer-duty.altus.co.uk/signups/new
How are the scores from the Consumer Duty Assessment Tool calculated: The tool comprises 50+ questions on an organisation’s capability relating to Consumer Duty. The questions have four multiple choice responses, representing a low to high capability related to the question, which facilitates scoring the user’s assessment as a percentage out of 100.
The industry has made good progress to reach an average overall score of 61% in the year since the final guidance was released, while the Principles and Cross Cutting rules look more embedded than any of the four outcomes at 69%, which elevates the overall average.
If you want to find out more about our Consumer Duty consulting services, please contact our team firstname.lastname@example.org.