Conclusion 19

The Consumer Duty has prompted firms to place greater emphasis on monitoring consumer outcomes and has led to some changes to products and practices, which we welcome. However, we cannot see clear and consistent improvements in consumer outcomes across the home and travel insurance markets as a result of the Consumer Duty. Although some effects may take time to emerge, the Consumer Duty has been in force for open products since 2023 and we would expect stronger evidence of market-wide change by this point. We do not think that 6 or 7 out of 10 is an adequate performance level for the FCA.