Client context
Our client is a FTSE-listed financial services group employing more than 1,200 people and serving more than 650,000 customers. Customer data is held across several systems with no single common data model, making it challenging to meet the FCA reporting requirements.
The business problem
The FCA’s updated Consumer Duty requirements set higher expected standards across four outcome areas: price and value, products and services, consumer understanding, and consumer support. From July 2024, companies must demonstrate appropriate procedures, policies and measurement. The group’s fragmented data landscape made this difficult.
What we did
Red Olive led the reporting and data workstream under the group’s Chief Data Officer. Over approximately six months, we ran workshops with key stakeholders, identified gaps, and translated these into detailed requirements for data capture and reporting.
We helped users identify reporting metrics mapped to the Consumer Duty framework, created a high-level data model, and ran analysis on results to map the group against the new requirements. The work covered both hard data from systems and soft data from customer interactions.
The results
The group can now demonstrate compliance across the FCA’s four pillars, with around 20 good outcomes identified, categorised and tracked through defined KPIs.
Looking ahead
The reporting framework provides a platform for continued compliance monitoring as the FCA’s requirements evolve.
