Lloyd's Market Association Bulletin

LMA23-007-SM | 28 February 2023

A New Consumer Duty – Data and MI

The FCA’s new Consumer Duty will require all managing agents to monitor customer outcomes, identify potential or actual threats to good outcomes and report to the Board

A New Consumer Duty - Data and MI guidance (PDF)

The attached guidance has been developed with the LMA's Conduct Committee and is designed to assist managing agents in identifying data that could be useful for their outcomes monitoring. The data lists identified are not mandatory, expressly recommended, or exhaustive; they are merely suggestions of what managing agents could consider.  

This follows earlier guidance on focus areas, and the LMA will continue to provide guidance to the market as necessary. 

A New Consumer Duty - Focus areas (PDF)

Steve Morrell

Head of Regulatory Affairs/Company Secretary