Year 2 of Consumer Duty is the discipline year. Firms that put in the implementation work for the July 2024 deadline are now being asked to show — with data, with worked examples, with a board-level annual report — that the products and services they recommend continue to produce good outcomes for the consumers they were designed for. Most firms have something. Most don't have it in a form that would survive an FCA s.166.
The four pieces below are written for the partner or compliance lead at a UK IFA firm working through the second annual board report. Each is reviewed quarterly. Each cites primary FCA sources where claims rest on them. Read our editorial policy for the sourcing standards.
The cluster sits inside the broader Regulatory & Compliance hub. For the parallel reforms — Targeted Support going live 6 April 2026 and CP26/10 on Simplified Advice — see the regulatory hub.
Articles in this cluster
Year 2 — outcomes monitoring
The shift from implementation to evidence. The four outcomes, the metrics for each, and the year-2 annual board report.
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Fair value assessment template
A practical template covering panel products and the firm's own ongoing-service fee, with a worked example.
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MPS firms — the FCA review
What the regulator's multi-firm review of MPS providers found, and what an IFA using third-party MPS should do next.
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Identifying vulnerable clients
The four FCA drivers, the questions that surface them, and the year-2 outcomes the board report should report.
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About the authors
Eliot Jones (DipPFA, CCIBS) anchors the Consumer Duty cluster as a practising wealth manager. Matthew Hull (CFA, MSCI) reviews and authors on the portfolio-construction and MPS angles — a former CIO with deep experience of the chain-wide assessment Consumer Duty asks firms to assemble.