The Consumer Duty Data Forum, a taskforce of the Consumer Duty Alliance, has published a new Good Practice Guide on How to Manage and Report Your Data, supporting advisory firms to take practical, proportionate steps to strengthen their data strategy, governance and reporting.
Bringing together RegTech, data and consultancy experts, the guide is a response to the increasing priority the Financial Conduct Authority (FCA) is placing on structured, comparable firm data. This follows the FCA’s recent review of Consumer Duty annual reporting, that reinforces the need for firms to improve the quality, consistency and comparability of the data they use to monitor client outcomes and identify emerging risks.
The new guide is designed specifically to support firms taking their initial steps in developing or strengthening their data strategy, without unnecessary complexity.
Covering four core areas, it provides clear, actionable steps for advice firms:
- Skills & Standards: Building baseline data literacy, shared definitions and consistent data standards across roles.
- Data Management & Control: Strengthening system ownership, workflows, storage discipline, data integrity and cyber security.
- Meeting FCA‑Specific Requirements: Helping firms prepare for Section 165 requests, map regulatory returns and align to the FCA’s increasingly data‑driven supervisory model.
- Becoming a Data‑Driven Business: Treating data as a core business asset, improving integration, governance, monitoring and decision‑making.
It is accompanied by a checklist to help firms audit where they are today and plan next steps.
Supporting firms ahead of heightened regulatory scrutiny
Chris Davies, Chair of the Consumer Duty Data Forum, said:
“Good data practice is not about costly systems or technical complexity — it’s about clarity, consistency and embedding simple habits that support better decisions, better governance and better client outcomes.
Recent FCA commentary underlines that narrative alone is no longer sufficient — firms must demonstrate good outcomes through meaningful data and insight. This new guide and checklists gives firms at the start of their data strategy journey the practical tools they need to build confidence and meet the FCA’s expectations in a proportionate, achievable way.”
Both publications can be accessed via the Consumer Duty Alliance website.
Good Practice Guide on How to Manage and Report Your Data
Data Strategy Checklist for Firms
