Step 02 / Explore the pack

See the outcomes. Know what to ask.

A visual view of what is inside the Investment and wealth edition, before you open Excel or Word. Choose a tab to explore the illustrative worked example.

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Investment and wealth

Consumer Duty board report pack · illustrative example firm: Kestrelmere Wealth Limited

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02
Areas rated Red

After the board's judgement

04
Areas rated Amber

Of six areas

35 of 35
Measures rated

Every measure has a result

6
Actions in the log

5 agreed by the board

consumer-duty-board-report-wealth-mi-workbook-worked-example.xlsxIllustrative data

Action log

6 actions, 5 agreed by the board, 2 high priority not complete.

  • A01ValueHigh priority · In progress · Chief Executive

    Take a re-pricing option for older-service clients to the board.

  • A02Cross-cuttingMedium priority · Not started · Head of Advice

    Review the remaining customer journeys for barriers and pressure.

  • A03Cross-cuttingMedium priority · In progress · Head of HR

    Check sales team targets against the Duty.

  • A04SupportMedium priority · In progress · Head of Advice

    Update file notes to record the adjustments offered to vulnerable clients.

  • A05GovernanceHigh priority · In progress · Compliance Manager

    Finish the root-cause analysis for the outstanding outcome failure.

  • A06UnderstandingMedium priority · Not started · Head of Client Services

    Run a wider test of the costs and charges disclosure.

Board challenge

32 of 32 questions asked and answered. The first five are shown; the workbook holds them all.

  1. 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).

  2. 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).

  3. 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: 97% against green 95% and red 80% (Green). Sampled cases where customers with characteristics of vulnerability reached a good outcome: 82.5% against green 90% and red 75% (Amber). Sampled vulnerable-client cases showed two files without a record of the adjustments offered. File notes are being updated.

  4. Q04What did we test before launching or changing a product, and did any test fail?

    New products and significant changes tested before launch: 95% against green 100% and red 90% (Amber). One model portfolio change went live before its scenario testing was signed off. The sign-off step is now a hard stop.

  5. Q05Are complaints telling us any product does not meet customers' needs?

    Complaints saying the product did not meet their needs: 1.2 against green 2 and red 5 (Green).

See the actual workbook · real Excel sheets, rendered from the example file
Investment and wealth: Ratings dashboard for the four outcomes, the cross-cutting rules and governance (illustrative example)Outcomes dashboard · opens full sizeInvestment and wealth: MI library with thresholds, results and ratings (illustrative example)MI library · opens full sizeInvestment and wealth: Board challenge questions with answers recorded (illustrative example)Board challenge · opens full sizeInvestment and wealth: Action log with owners, dates and board agreement (illustrative example)Action log · opens full size

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 Investment and wealth edition

Wealth managers, investment managers, advisers and platforms with retail clients. Product governance for products subject to PROD 3 sits in PROD 3, not PRIN 2A.3 (PRIN 2A.3.24R(1)). Price and value (PRIN 2A.4) still applies. Use your PROD 3 evidence in the products area.

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.