The Chartered Insurance Institute (CII) has committed to developing guidance to support firms with using Consumer Duty reporting as a governance tool for continuous improvement rather than as a compliance exercise.
The update from the CII comes following a member survey linked to a roundtable with the FCA.
The survey found that firms were increasingly producing more confident and data-rich reports, while looking for practical, proportionate support to help translate those reports into stronger evidence of customer outcomes.
The firms surveyed for the report said that while they had less concerns around regulatory compliance, they were still facing challenges with data management.
Three quarters of firms highlighted difficulties with integrating data, sourcing appropriate data and connecting datasets. Firms were also still working towards evidencing consumer understanding.
Processes for responding to customer misunderstanding were found to be more prominent than mechanisms to detect it in the first place, with firms pointing to the need for better testing at key decision points, clearer outcome measures and a more cohesive approach to customer behaviour data.
Adam Harper, executive director of strategy, advocacy and professional standards at the CII, said: “The real test of Consumer Duty Board reporting is whether firms can use the evidence to understand where customers are experiencing poor outcomes and take meaningful action to improve them. The CII will build on this work with the development of further practical guidance to support firms as we strengthen our sector’s delivery in accordance with Consumer Duty.”
The CII is the parent body of the Personal Finance Society, the professional body for Financial Planners.
Membership at the Personal Finance Society has slumped by more than 10% in the last six years, falling from a height of around 40,000 in 2020 to just below 37,000 now. Membership numbers fell almost 2,000 in the past year from 38,703 in 2024 to 36,807 at the end of 2025.
The PFS says it aims to drive professional standards in the financial advice and associated sectors and is the largest professional body for Financial Planners in the UK.