On Point. What does a good CRP look like?

Financial Advisory

25 May 2023

Client ExperienceConsumer DutyDataFCAFinancial AdvisoryMeeting of Minds

Expert: Blaise Cardozo, Sionic Facilitator: Caroline Duff, Ammonite


  1. 95% of attendees did not have a CRP (although everyone in this session did)
  2. Segmentation in firms is still focused around AUM. Most firms present did not segment based on life stage

Discussion points:

Firms are largely unsure of how to meet the Consumer Duty requirements for CRPs, particularly where required to ‘minimise risk of foreseeable harm’ and there was concern around how much ‘harm’ a firm was expected to foresee, and how broad this could be. 

Firms are also unsure of how to define, measure and evidence the good outcomes for customers, particularly where these were wider than just investment performance.  They seek additional guidance in this respect from the FCA. 

Key takeaways:

  • Firms want additional guidance from the FCA on what makes a good CIP, a good CRP, and a good approach to defining, measuring and evidencing accordance with Consumer Duty requirements.