Step 02 / Explore the pack
See the outcomes. Know what to ask.
A visual view of what is inside the Insurance and mortgage intermediaries edition, before you open Excel or Word. Choose a tab to explore the illustrative worked example.
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Insurance and mortgage intermediaries
Consumer Duty board report pack · illustrative example firm: Wrenfield Cove Intermediaries Limited
- 03
- Areas rated Red
- 03
- Areas rated Amber
- 35 of 35
- Measures rated
- 6
- Actions in the log
After the board's judgement
Of six areas
Every measure has a result
5 agreed by the board
Action log
6 actions, 5 agreed by the board, 2 high priority not complete.
- A01ValueHigh priority · In progress · Head of Insurance
Obtain current PROD 4 value information from insurers for the two out-of-date products.
- A02ProductsHigh priority · In progress · Compliance Manager
Redo the product reviews for the two add-on products, including customers with characteristics of vulnerability.
- A03Cross-cuttingHigh priority · Complete · Chief Operating Officer
Set a 30-day redress target and name a case owner for every incident.
- A04UnderstandingMedium priority · Not started · Head of Insurance
Retest the rewritten legal expenses excess explanation.
- A05SupportMedium priority · In progress · Head of Operations
Add a daily claims information hand-off to insurers.
- A06GovernanceLow priority · Not started · Head of Compliance
Reschedule the audit of mortgage advice outcomes.
Board challenge
32 of 32 questions asked and answered. The first five are shown; the workbook holds them all.
Q01Which products have not been reviewed on time, and what has the delay meant for customers?
Products and services past their review date: 0 against green 0 and red 3 (Green).
Q02How do we know we are selling only to the people each product was designed for?
Sales outside the identified target market: 1.2% against green 2% and red 5% (Green).
Q03What did our reviews find for customers with characteristics of vulnerability, and what changed as a result?
Product reviews that considered customers with characteristics of vulnerability: 87.5% against green 95% and red 80% (Amber). Sampled cases where customers with characteristics of vulnerability reached a good outcome: 94% against green 90% and red 75% (Green). Product reviews for two of the add-on cover products did not consider customers with characteristics of vulnerability. They are being redone.
Q04What did we test before launching or changing a product, and did any test fail?
New products and significant changes tested before launch: 100% against green 100% and red 90% (Green).
Q05Are complaints telling us any product does not meet customers' needs?
Complaints saying the product did not meet their needs: 3.5 against green 2 and red 5 (Amber). Complaints that a policy did not meet needs came mainly from one add-on product. It is under review with the insurer.
See the actual workbook · real Excel sheets, rendered from the example file
Built from the same data and formulas as the worked-example workbook, for an invented firm. All figures and thresholds are illustrative, not benchmarks.
About the Insurance and mortgage intermediaries edition
Insurance and mortgage intermediaries, including protection advisers. PRIN 2A.4 does not apply to "a firm which manufactures or distributes a non-investment insurance product or a legacy non-investment insurance product" (PRIN 2A.4.32R(1)(a)), and PROD 4 applies instead. Mortgage distribution is otherwise within PRIN 2A.3 and 2A.4. If you do both, check whether PRIN 2A.4 still applies to your mortgage business. The cross-cutting, understanding and support outcomes apply to both.
The FCA does not set a template for the board report. This pack is a practical structure built on the rules in PRIN 2A.8 and 2A.9. Read the Consumer Duty outcomes monitoring guide and the board pack explainer, or try the Consumer Duty outcomes checker.