Consumer Duty – the Role of HR

Outline & Objectives

The implementation of the Consumer Duty has marked a step change in the regulatory expectations placed on most firms. The Duty applies directly to all firms to the extent that they are involved in retail activity. Consequently the Duty has implications for many firms involved in wholesale and institutional business.

The Consumer Principle, cross-cutting rules and specific consumer outcomes have resulted in major changes to conduct requirements and reporting arrangements for all retail and retail-connected businesses. Significant changes have been brought about to the obligations under the Senior Managers and Certification Regime and also to the revised Conduct Rules applicable to all staff.

To secure the expectations of the Consumer Duty, firms will need to review and refine their HR policies and procedures, including their remuneration arrangements, incentive schemes and their performance management, Training and Competence and appraisal regimes. Furthermore, the focus on customer vulnerability aligns with the broader inclusion agenda, applicable to both customers and staff.

This workshop has been designed to help participants understand the ongoing implications for the Duty from a human resources perspective, to enable them to implement appropriate changes to their firm's arrangements and to develop approaches which ensure that customer outcomes are placed at the heart of their firm's culture as a matter of routine.

Who will benefit?

This workshop is appropriate for all human resources specialists and those responsible for HR in their firms. The workshop would also benefit staff who are new to HR or who are assuming HR responsibilities and need to understand how these can be undertaken effectively while meeting regulatory obligations.

Course Programme

Topics covered may include but are not limited to:

• HR in a regulated environment
• What is the Consumer Duty?
• The Consumer Duty and the SMCR
• The Consumer Duty and the Conduct Rules
• The Consumer Duty and Culture
• Embedding the Consumer Duty