The Financial Conduct Authority has found many firms need to make improvements in their monitoring to enable them to determine whether they are delivering good outcomes for retail customers, as required by the Consumer Duty.
Last December, the watchdog asked 20 larger insurance firms, including providers and brokers, for key information.
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The businesses had to show how they monitor, assess, and test the outcomes customers are receiving, along with actions taken after identifying poor outcomes.
The review was focused on outcomes monitoring only and did not include any assessment of underlying
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