The Chartered Insurance Institute has published a report on the difficulties faced by firms producing Consumer Duty Board reports, following a survey of members that gathered 337 responses in July of this year. The publication highlights challenges in knowing what data to include, the availability of appropriate data and being able to integrate the data as required.

The CII said a follow-up round table to the survey highlighted the need for cross-sector standardised templates and metrics to make data sharing more efficient. It said this would help to reduce misunderstandings between firms and distributors.

Matthew Hill (pictured), chief executive officer of the CII, said: “While it is encouraging to see some improvement across most categories, the data shows that firms continue to face challenges in producing Consumer Duty Board reports.

“A lack of clarity in reporting undoubtedly tells a broader story of firms’ abilities to achieve the goals intended with the FCA’s Consumer Duty guidelines. The CII will look to take every opportunity to support further progress through the commitments outlined in this report.”