Consumer Duty Product Review Template
- Robert Bell
- May 13, 2025
- 1 min read
The FCA’s Consumer Duty means a significantly higher standard of care for financial services firms than in the early 2000s. There’s now a clear focus on ensuring that products are designed to deliver good outcomes for retail customers throughout their lifecycle.
A key element of this is the requirement for regular open product reviews – not just at the launch of the product, but on an ongoing basis.
Open product review template FCA
As part of our Compliance Consultancy work, we find that many firms are struggling to translate the FCA’s expectations into a practical, repeatable process. That’s why we have developed our downloadable FCA Consumer Duty Open Product template, to give compliance and product governance departments a structured, FCA-aligned tool that saves time, reduces regulatory risk and ensures robust evidence of oversight.
Our product review template bridges the practice gap by translating the FCA’s expectations into clear, actionable prompts. It helps firms assess and evidence how they’re considering customer vulnerability and avoiding poor outcomes—backed by the principles set out in FCA guidance on delivering for vulnerable customers.
Ready-to-use product review template for compliance with FCA rules
Our product review template walks you through a step-by-step evaluation of product performance, distribution strategy, the target market, and potential harms – fully aligned with the FCA’s four Consumer Duty outcomes. It enables firms to identify and document risks, take action where needed, and demonstrate compliance through an auditable format.
Our Compliance Consultancy website includes a range of Consumer Duty tools, designed to support your compliance.
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