Introduction to Consumer Duty

At the end of July 2023, the Financial Conduct Authority’s (FCAs) Consumer Duty Rules and Guidance came into effect. This new regulatory initiative brings far reaching changes to firms and seeks to deliver a real change in both culture and customer outcomes whilst building upon the progress already made through the implementation and application of SM&CR.

This half day virtual course is intended to help individuals who are entering financial services or those seeking a refresher to gain a good understanding of the accountabilities and activities that firms need to undertake to comply with the requirements.

Through group discussion and debate, the session will explore how firms approached implementation to deliver the change the FCA is seeking - whilst also considering how the key elements of the Consumer Duty have been interpreted within their organisations. It will also allow firms to discuss and consider emerging best practices around embedding.

By attending this workshop individuals will be able to:

• Consider the current position in relation to recent Consumer Duty related deadlines and the key regulatory changes the FCA is expecting the Consumer Duty to deliver
• Describe the new principle, cross cutting rules and outcomes and what this means for firms
• Discuss and debate recent Consumer Duty implementation and the effectiveness of the approach
• Consider how effective the MI and data capture generated through your processes are in providing an assessment of whether the firm is delivering good customer outcomes