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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: 04
Areas rated Amber: 35 of 35
Measures rated: 6
Actions in the log

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

Every measure with its thresholds, latest and previous result. Thresholds shown are illustrative: your own workbook leaves them blank for you and your board to set.

Products and services Amber

Measure	Latest	Previous	Green at	Red at	Rating
Products and services past their review date	0	1	0	3	Green↑ Better
Sales outside the identified target market	1.2%	1.2%	2%	5%	Green→ Same
Product reviews that considered customers with characteristics of vulnerability	97%	100%	95%	80%	Green↓ Worse
New products and significant changes tested before launchOne model portfolio change went live before its scenario testing was signed off. The sign-off step is now a hard stop.	95%	91.2%	100%	90%	Amber↑ Better
Complaints saying the product did not meet their needs	1.2	1.2	2	5	Green→ Same
Client portfolios outside the client's recorded risk profile or objectives	1.2%	1.2%	2%	5%	Green→ Same

Products and services past their review dateGreen
Latest
0
Previous
1
Green at
0
Red at
3
Sales outside the identified target marketGreen
Latest
1.2%
Previous
1.2%
Green at
2%
Red at
5%
Product reviews that considered customers with characteristics of vulnerabilityGreen
Latest
97%
Previous
100%
Green at
95%
Red at
80%
New products and significant changes tested before launchAmber
Latest
95%
Previous
91.2%
Green at
100%
Red at
90%
One model portfolio change went live before its scenario testing was signed off. The sign-off step is now a hard stop.
Complaints saying the product did not meet their needsGreen
Latest
1.2
Previous
1.2
Green at
2
Red at
5
Client portfolios outside the client's recorded risk profile or objectivesGreen
Latest
1.2%
Previous
1.2%
Green at
2%
Red at
5%

Price and value Red

Measure	Latest	Previous	Green at	Red at	Rating
Products with a value assessment in date	98.8%	94.8%	98%	90%	Green↑ Better
Products judged not to give fair value with action still open	0	1	0	2	Green↑ Better
Distribution arrangements reviewed for the effect of remuneration on value	97%	93.1%	95%	80%	Green↑ Better
Contingent fees and charges as a share of total customer costExit and transfer charges account for a larger share of cost than planned. They are part of the next value review.	7.5%	7.8%	5%	10%	Amber↑ Better
Complaints about fees and charges	0.6	0.6	1	3	Green→ Same
Ongoing-advice clients who received the service they paid for	98.8%	100%	98%	90%	Green↓ Worse
Clients paying ongoing charges above the firm's fair value benchmarkOne in eight clients on the older advice service pay above our benchmark. A re-pricing option is going to the board.	12.5%	11.5%	2%	8%	Red↓ Worse

Products with a value assessment in dateGreen
Latest
98.8%
Previous
94.8%
Green at
98%
Red at
90%
Products judged not to give fair value with action still openGreen
Latest
0
Previous
1
Green at
0
Red at
2
Distribution arrangements reviewed for the effect of remuneration on valueGreen
Latest
97%
Previous
93.1%
Green at
95%
Red at
80%
Contingent fees and charges as a share of total customer costAmber
Latest
7.5%
Previous
7.8%
Green at
5%
Red at
10%
Exit and transfer charges account for a larger share of cost than planned. They are part of the next value review.
Complaints about fees and chargesGreen
Latest
0.6
Previous
0.6
Green at
1
Red at
3
Ongoing-advice clients who received the service they paid forGreen
Latest
98.8%
Previous
100%
Green at
98%
Red at
90%
Clients paying ongoing charges above the firm's fair value benchmarkRed
Latest
12.5%
Previous
11.5%
Green at
2%
Red at
8%
One in eight clients on the older advice service pay above our benchmark. A re-pricing option is going to the board.

Consumer understanding Amber

Measure	Latest	Previous	Green at	Red at	Rating
Customer communications tested before issue	97%	100%	95%	80%	Green↓ Worse
Customers who understood the key points	91%	87.4%	85%	70%	Green↑ Better
Complaints where unclear information was a cause	3%	3.1%	5%	12%	Green↑ Better
Sampled customer calls where understanding was checked	94%	90.2%	90%	75%	Green↑ Better
Accessible-format requests met within targetTwo requests for large-print reports took longer than the target.	90%	93.6%	95%	85%	Amber↓ Worse
Sampled clients who understood the costs and charges disclosure	94%	97.8%	90%	80%	Green↓ Worse

Customer communications tested before issueGreen
Latest
97%
Previous
100%
Green at
95%
Red at
80%
Customers who understood the key pointsGreen
Latest
91%
Previous
87.4%
Green at
85%
Red at
70%
Complaints where unclear information was a causeGreen
Latest
3%
Previous
3.1%
Green at
5%
Red at
12%
Sampled customer calls where understanding was checkedGreen
Latest
94%
Previous
90.2%
Green at
90%
Red at
75%
Accessible-format requests met within targetAmber
Latest
90%
Previous
93.6%
Green at
95%
Red at
85%
Two requests for large-print reports took longer than the target.
Sampled clients who understood the costs and charges disclosureGreen
Latest
94%
Previous
97.8%
Green at
90%
Red at
80%

Consumer support Amber

Measure	Latest	Previous	Green at	Red at	Rating
Contacts answered within target time	94%	90.2%	90%	80%	Green↑ Better
Average days to complete a cancellation, switch or transfer	3	3.1	5	10	Green↑ Better
Complaints per 1,000 customers	3	2.9	5	10	Green↓ Worse
Complaints upheld	18%	18.7%	30%	45%	Green↑ Better
Sampled cases where customers with characteristics of vulnerability reached a good outcomeSampled vulnerable-client cases showed two files without a record of the adjustments offered. File notes are being updated.	82.5%	79.2%	90%	75%	Amber↑ Better
Support for people acting for a customer matched the customer's	97%	100%	95%	85%	Green↓ Worse
Transfer-out requests completed within target daysTransfers took longer where a receiving provider used paper forms. We now chase at day five.	15	14.4	10	20	Amber↓ Worse

Contacts answered within target timeGreen
Latest
94%
Previous
90.2%
Green at
90%
Red at
80%
Average days to complete a cancellation, switch or transferGreen
Latest
3
Previous
3.1
Green at
5
Red at
10
Complaints per 1,000 customersGreen
Latest
3
Previous
2.9
Green at
5
Red at
10
Complaints upheldGreen
Latest
18%
Previous
18.7%
Green at
30%
Red at
45%
Sampled cases where customers with characteristics of vulnerability reached a good outcomeAmber
Latest
82.5%
Previous
79.2%
Green at
90%
Red at
75%
Sampled vulnerable-client cases showed two files without a record of the adjustments offered. File notes are being updated.
Support for people acting for a customer matched the customer'sGreen
Latest
97%
Previous
100%
Green at
95%
Red at
85%
Transfer-out requests completed within target daysAmber
Latest
15
Previous
14.4
Green at
10
Red at
20
Transfers took longer where a receiving provider used paper forms. We now chase at day five.

Cross-cutting rules Red

Measure	Latest	Previous	Green at	Red at	Rating
Foreseeable-harm incidents not yet put right	0	1	0	3	Green↑ Better
Average days from identifying harm to offering redress	18	18.7	30	60	Green↑ Better
Outcome gap between the worst-served customer group and all customers	0.66	0.63	1.10	1.30	Green↓ Worse
Incentive and performance schemes reviewed against the DutyAdviser bonus rules were reviewed, but the sales team's targets have not yet been checked against the Duty.	85%	88.4%	100%	70%	Amber↓ Worse
Customer journeys reviewed for unreasonable barriers or pressureOnly 60% of key journeys have been reviewed for barriers or pressure. The rest are scheduled for the next quarter.	60%	55%	90%	70%	Red↑ Better

Foreseeable-harm incidents not yet put rightGreen
Latest
0
Previous
1
Green at
0
Red at
3
Average days from identifying harm to offering redressGreen
Latest
18
Previous
18.7
Green at
30
Red at
60
Outcome gap between the worst-served customer group and all customersGreen
Latest
0.66
Previous
0.63
Green at
1.10
Red at
1.30
Incentive and performance schemes reviewed against the DutyAmber
Latest
85%
Previous
88.4%
Green at
100%
Red at
70%
Adviser bonus rules were reviewed, but the sales team's targets have not yet been checked against the Duty.
Customer journeys reviewed for unreasonable barriers or pressureRed
Latest
60%
Previous
55%
Green at
90%
Red at
70%
Only 60% of key journeys have been reviewed for barriers or pressure. The rest are scheduled for the next quarter.

Governance and monitoring Amber

Measure	Latest	Previous	Green at	Red at	Rating
Outcome failures with a completed root-cause analysisSeven of the eight outcome failures have a root-cause analysis. The eighth is due in two weeks.	87.5%	83%	95%	80%	Amber↑ Better
Board or committee meetings that discussed Consumer Duty outcomes	6	6	4	2	Green→ Same
Duty outcome reviews by risk or internal audit completed against plan	100%	100%	100%	75%	Green→ Same
In-scope products with outcome MI reported this period	100%	96%	100%	85%	Green↑ Better

Outcome failures with a completed root-cause analysisAmber
Latest
87.5%
Previous
83%
Green at
95%
Red at
80%
Seven of the eight outcome failures have a root-cause analysis. The eighth is due in two weeks.
Board or committee meetings that discussed Consumer Duty outcomesGreen
Latest
6
Previous
6
Green at
4
Red at
2
Duty outcome reviews by risk or internal audit completed against planGreen
Latest
100%
Previous
100%
Green at
100%
Red at
75%
In-scope products with outcome MI reported this periodGreen
Latest
100%
Previous
96%
Green at
100%
Red at
85%

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 size

Investment and wealth: MI library with thresholds, results and ratings (illustrative example)

MI library · opens full size

Investment and wealth: Board challenge questions with answers recorded (illustrative example)

Board challenge · opens full size

Investment 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.