The following metrics indicate our progress at the end of our 3-year strategy against our consumer outcomes for fair value, suitability and treatment, confidence and access.
In our 2024/25 Annual Report[1], we set out details of the actions we have taken towards our 13 commitments. These activities have contributed to progress against these outcomes. When setting out the latest values below, we signpost to the relevant commitments that supported the delivery of these outcomes.
Fair value

Outcome: Consumers receive fair prices and quality
Metric code | Metric description | Source | Baseline Value | Year 1 values | Year 2 values | Year 3 values | Latest status
(year 3 value compared to baseline) |
---|---|---|---|---|---|---|---|
CFV1-M01
| Reduction in the proportion of consumers who, in the last 2 years, have been offered a financial product or service they wanted, but at a price, or with terms and conditions, they felt to be ‘completely unreasonable’
| FCA Financial Lives survey (FLS)[2] | 7% of consumers (2020) | 10% of consumers (2022) | 13% of consumers (2023 re-contact survey) | 16% of consumers (2024) Difference between year 3 and baseline value is statistically significant | Declined
|
CFV1-M02 | Increase in aggregate benefits from FCA policy work (2022-23 prices)*
| FCA Data | At least £7.1 billion in benefits (Expected annualised benefit for 2021/22 from rules introduced between 2012/13 to 2021/22) | At least £6.4 billion in benefits (Expected annualised benefit for 2022/23 from rules introduced between 2013/14 to 2022/23) | At least £6.3 billion in benefits (Expected annualised benefit for 2023/24 from rules introduced between 2014/15 to 2023/24) | At least £6.0 billion in benefits (Expected annualised benefit for 2024/25 from rules introduced between 2015/16 to 2024/25) | Declined |
The following commitments support the delivery of fair value for consumers. The links below show the progress against these commitments.
- Putting consumers’ needs first[7]
- Improving the redress framework[8]
- Our environmental, social and governance (ESG) priorities[9]
- Shaping digital markets to achieve good outcomes[10]
- Preparing financial services for the future[11]
Please see our latest positive impact analysis[6] for further information on metric CFV1-M02.
Suitability & treatment

Outcome: Consumers are sold suitable products and services and receive good treatment
Metric code | Metric description | Source | Baseline Value | Year 1 values | Year 2 values | Year 3 values | Latest status
(year 3 value compared to baseline) |
---|---|---|---|---|---|---|---|
CST1-M01
| Increase in consumer satisfaction with their providers
| FCA Financial Lives survey (FLS)[2] | 7.8 out of 10 - composite index showing consumers' overall satisfaction with their providers (2020) | 7.8 out of 10 - composite index showing consumers' overall satisfaction with their providers (2022) | 8.1 out of 10 – composite index showing consumers’ overall satisfaction with their providers (2023)
| 7.7 out of 10 – composite index showing consumers’ overall satisfaction with their providers (2024) | Little or no change |
CST1-M02Also metric CNF1-M01 under the Putting consumers’ needs first commitment | Reduction over time in upheld Financial Ombudsman Service complaints about unsuitable advice or mis-sold products and services | Financial Ombudsman Service[13] | 19,965 Upheld complaints (including PPI) 35% Uphold rate (2021)
| 10,106 Upheld complaints (including PPI) 39% Uphold rate (2022)
| 7,989 Upheld complaints 23% Uphold rate (2023)
| 9,794 upheld complaints (including PPI) 26% uphold rate (2024) | Improved |
15,159 Upheld complaints 48% Uphold rate (2021) | 9,679 Upheld complaints (excluding PPI) 40% Uphold rate (2022)
| 7,671 Upheld complaints (excluding PPI) 32% Uphold rate (2023) | 9,782 upheld complaints (excluding PPI) 26% uphold rate (2024) | Improved |
The following commitments support our outcome to ensure consumers are sold suitable products and services and receive good treatment. The links below show progress against these commitments:
- Putting consumers’ needs first[7]
- Improving oversight of Appointed Representatives[12]
- Enabling consumers to help themselves[13]
- Shaping digital markets to achieve good outcomes[10]
- Preparing financial services for the future[11]
Confidence

Outcome: Consumers have strong confidence and levels of participation in markets, in particular through (1) minimised harm when firms fail and (2) minimised financial crime
Metric code | Metric description | Source | Baseline Value | Year 1 values | Year 2 values | Year 3 values | Latest status
(year 3 value compared to baseline) |
---|---|---|---|---|---|---|---|
CCO1-M01
| Increase in the proportion of consumers who have confidence in the UK financial services industry
| FCA Financial Lives survey (FLS)[14] | 41% of consumers (35% vulnerable consumers, 47% not vulnerable consumers) slightly or strongly agree (2020)
| 41% of consumers (33% vulnerable consumers, 49% not vulnerable consumers) slightly or strongly agree (2022) | 43% of consumers (34% vulnerable consumers, 50% not vulnerable consumers) slightly or strongly agree
| 39% of consumers (30% vulnerable consumers, 46% not vulnerable consumers) slightly or strongly agree (2024) Differences between baseline value and year 3 values are statistically significant for all consumers or those showing at least one characteristic of vulnerability. Differences between baseline values and year 3 values are not statistically significant for consumers not showing any characteristic of vulnerability. | Declined |
CCO2-M01Also metric IRF3-M01 under the Improving the redress framework commitment | Stabilise and then reduce over time Financial Services Compensation Scheme (FSCS) compensation, claims and payments | Financial Service Compensation Scheme | 28,007 new claims (2020/21) | 24,709 new claims (2021/22) | 21,067 new claims (2022/23) | 40,568 new claims (2023/24) | Improved |
43,407 payments made (2020/21) | 62,380 payments made (2021/22) | 67,908 payments made (2022/23) | 32,668 payments made (2023/24) | ||||
£584m compensation payments (2020/21) | £584m compensation payments (2021/22) | £403m compensation payments (2022/23) | £423m compensation payments (2023/24) £327m compensation payments (2024/25) | ||||
CCO2-M02 | Monitoring the number of firm failures | FCA data | 230 consumer firms (2021) | 308 consumer firms (2022)
| 370 consumer firms (2023) | 363 consumer firms (2024) | Not assessed – monitoring only |
CCO3-M01 | Proportion of consumers who have confidence that the UK financial services industry is working to tackle banking, pension and investment fraud | FCA Financial Lives survey (FLS)[26] | 50% of consumers slightly or strongly agree that they have confidence that the UK financial services industry is working to tackle banking, pension and investment fraud (2023 re-contact survey) | N/A | N/A | 49% of consumers slightly or strongly agree (2024) | Little or no change |
CCO3-M02 | Increase in the proportion of Authorised Push Payment (APP) fraud losses that are reimbursed | UK Finance | 45.3% of total APP fraud losses reimbursed (2020)
46.5% of total APP fraud losses reimbursed (2021)
| 59% of total APP fraud losses reimbursed (2022) | 62.4% of APP fraud losses reimbursed (2023) | 59.3% of APP fraud losses reimbursed (2024) | Improved |
CCO3-M03Also metrics PFC1-M01 and IH3-M01 under the Reducing and preventing financial crime and Enabling consumers to help themselvescommitments | Slow the growth in or reduce investment fraud victims and losses | National Fraud Intelligence Bureau (NFIB) | 26,482 total reported victims (2021) | 25,558 total reported victims (2022) | 26,643 total reported victims (2023) | 24,621 total reported victims (2024) | Improved |
£832.5m total reported losses (2021) | £888.8m total reported losses (2022) | £525.7m total reported losses (2023) | £552.6m total reported losses (2024) | ||||
28% growth in reported victims (Between 2020 and 2021) | 3.5% reduction in reported victims (Between 2021 and 2022) | 4.2% growth in reported victims (Between 2022 and 2023) | 7.6% reduction in reported victims (Between 2023 and 2024) | ||||
53% growth in losses (Between 2020 and 2021) | 6.8% growth in losses (Between 2021 and 2022) | 40.8% reduction in losses (Between 2022 and 2023) | 5.1% growth in losses (Between 2023 and 2024) | ||||
CCO3-M04 | Slow the growth in or reduce Authorised Push Payment (APP) fraud cases and losses | UK Finance | 154,614 total reported cases (2020) 195,996 total reported cases (2021) | 207,372 total reported cases (2022) | 232,429 total reported cases (2023)
| 185,733 total reported cases (2024) | Improved |
£420.7m total reported losses (2020) £583.2m total reported losses (2021) | £485.2m total reported losses (2022) | £459.7m total reported losses (2023)
| £450.7m total reported losses (2024) | ||||
27% growth in reported cases (Between 2020 and 2021) | 6% growth in cases (Between 2021 and 2022) | 12% growth in cases (Between 2022 and 2023)
| 20% reduction in cases (Between 2023 and 2024) | ||||
39% growth in reported losses (Between 2020 and 2021) | 17% reduction in losses (Between 2021 and 2022) | 5% reduction in losses (Between 2022 and 2023)
| 2% reduction in losses (Between 2023 and 2024) | ||||
CCO3-M05Also metric PFC3-M01 under the Reducing and preventing financial crime commitment | Increase in proportion of applications rejected, withdrawn or refused by the FCA under Money Laundering Regulations (MLRs) or for financial crime reasons | FCA data | 48 Annex 1[9] applications (2021/22) | 54 Annex 1 [28]applications (2022/23) | 84 Annex 1[29] applications (2023/24) | 247 Annex 1[30] applications (2024/2025) | Little or no change |
21% were rejected, withdrawn or refused (2021/22) | 24% were rejected, withdrawn or refused (2022/23) | 36% were rejected, withdrawn or refused (2023/24) | 20% were rejected, withdrawn or refused (2024/25) | ||||
122 cryptoasset registration applications (2021/22) | 88 cryptoasset registration applications (2022/23) | 40 crypotasset registration applications (2023/24) | 28 cryptoasset registration applications (2024/25) | Declined | |||
81% were rejected, withdrawn or refused (2021/22) | 93% were rejected, withdrawn or refused (2022/23) | 86% were rejected, withdrawn or refused (2022/2023) | 54% were rejected, withdrawn or refused (2024/25) |
The following commitments support consumer confidence and participation in markets through (1) minimising harm when firms fail and (2) minimised financial crime. The links below show progress against these commitments.
- Reducing and preventing financial crime[-8]
- Reducing harm from firm failure[-7]
- Dealing with problem firms[-6]
- Improving oversight of Appointed Representatives[22]
- Improving the redress framework[8]
- Putting consumers’ needs first[21]
- Enabling consumers to help themselves[23]
- Our environmental, social and governance (ESG) priorities[9]
- Preparing financial services for the future[25]
Access

Outcome: Diverse consumer needs are met through (1) high operational resilience and (2) low exclusion
Metric code | Metric description | Source | Baseline Value | Year 1 values | Year 2 values | Year 3 values | Latest status
(year 3 value compared to baseline) |
---|---|---|---|---|---|---|---|
CAC1-M01Also metric under ‒ Minimising the impact of operational disruptions
| Reduction in the number of operational incidents
| FCA data | 644 incidents – Consumer firms (2021) | 663 incidents – consumer firms (2023) | 807 incidents – consumer firms (2023)
| 749 incidents – Consumer firms (2024) | Declined |
CAC2-M01 | Reduction in the proportion of consumers who were declined a product or service in the last 2 years, and, in their view, this was due to non-financial factors such as their age, health or ethnicity | FCA Financial Lives survey (FLS)[27] | 18% of consumers who were declined a product or service (2020) | 22% of consumers who were declined a product or service (2022) | 26% of consumers who were declined a product or service (2023 re-contact survey)
| 26% of consumers who were declined a product or service (2024) Difference between baseline value and year 3 value is statistically significant. | Declined |
CAC2-M02 | Reduction in the proportion of consumers who do not hold certain key products | FCA Financial Lives survey (FLS)[55] | Have no day-to-day accounts 1% (2020) | Have no day-to-day accounts 1% (2022) | Have no day-to-day accounts 2% (2023 re-contact survey)
| Have no day-to-day accounts 1% (2024) Differences between baseline value and year 3 values are not statistically significant | Little or no change |
14% No general insurance product (2020) | 16% No general insurance product (2022) | 15% No general insurance product (2023 re-contact survey)
| 16% No general insurance product (2024) Differences between baseline value and year 3 values are statistically significant | Declined | |||
22% No private pension provision (do not have a Defined Contribution (DC) pension in accumulation or decumulation) (2020) | 20% No private pension (do not have a Defined Contribution (DC) pension in accumulation or decumulation) (2022) | 20% No private pension provision (do not have a Defined Contribution (DC) pension in accumulation or decumulation) (2023 re-contact survey) | 17% No private pension provision (do not have a Defined Contribution (DC) pension in accumulation or decumulation) (2024) Differences between baseline value and year 3 values are statistically significant | Improved |
The following commitments support our outcome to ensure diverse consumer needs are met through high-operational resilience and low exclusion. The links below show progress against these commitments: