Our recent webinar discussed tips and tricks for advisers, to help them answer this question positively.
Ash Weston, Head of MPS at 8AM Global debated this topic with Tom Purcell, Compliance Consultant at Thistle Initiatives, who has been helping advisers with this challenge since the introduction of consumer duty board reports last year.
With the FCA’s Consumer Duty now fully in force, UK financial advisers are expected to do more than just deliver good outcomes—they must evidence it. Your board report isn’t just a regulatory formality; it’s your opportunity to demonstrate genuine client centricity.
With our poll suggesting that only 8% of attendees had finalised their reports, one question dominates: have we done enough to show client centricity?
The answer lies not in padding reports with volume, but in focusing on evidence-based outcomes.
The FCA’s expectations are pragmatic, especially for smaller firms. Our panel don’t believe that you need a 100-page report, just a clear narrative backed by structured Management Information (MI).
Start with your client segments. Are you evidencing that each group receives tailored services, fair value, and good outcomes?
One common gap is that firms often do the right things but fail to document them. Praise registers – logging positive client feedback, client testimonials and complaint resolution trends are valuable records of client centric behaviour. By recording them in real time, the business is collating key content for your report.
AI tools can assist. Recording and transcribing client meetings allows for easy aggregation and reflection. As you prepare your report, AI tools can summarise outcomes, flag issues, and even generate report content for you to review.
Your board report should also articulate how you monitor fair value—especially where adviser fees stack with product charges. Are you setting reasonable caps? Have any clients exceeded them, and if so, why? There can be good reasons for this, but the key is the data to support this.
Critically, the Board should challenge any assumptions. If you are a small business, with no board experience to share this with, sharing your report with an external compliance expert can enhance credibility and identify gaps early.
One concern highlighted in our poll by 12% of advisers on our recent webinar was around the ‘fear of saying the wrong thing’. The report isn’t about perfection—it’s about demonstrating a journey. Show how you and your business are learning, iterating, and most importantly putting clients first. With care, clarity, and consistency, client centricity becomes not just a value but a visible, reportable reality.
Join us for our next CPD qualifying webinar at 11am on 25th September alongside Ben Wright of Melo, where we’ll be discussing the hidden risks and benefits of Discretionary and Advisory Model Portfolios.
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