Understanding the new Consumer Duty for FCA regulated Firms

Course Outline & Objectives

The FCA seems determined to go ahead with at least some version of its CP21/36 proposals for the creation of a Consumer Duty. This will create a new FCA Principle, four cross-cutting or general rules for all regulated sectors and what amounts to a rewriting of the rules on the key areas of customer communications, product governance (particularly for those outside the investment and insurance space), customer service and the extension of the notion of assessing value for money. The regulator expects even firms already meeting the standards involved to produce significant amounts of management information to demonstrate compliance with its new provisions.The FCA also expects firms to be preparing now for the implementation of its changes in 2023.

CP 21/36 and the proposed rules in it are not easy to follow and this workshop is designed to help firms:

• Navigate the principles, cross-cutting rules and outcomes and distil from that what your business needs to be doing to prepare for 2023
• Highlight the key FCA rulebook changes proposed in CP21/36 and the compliance implications for your firm
• Identify what in the proposals will add to your existing obligations as regards product governance, client communications and customer service
• Conduct an effective gap analysis 
• Interpret the FCA's thinking in this area and help your firm keep up to date with and prepare for ongoing and future developments in the new Consumer Duty

Who will benefit

This focused course will be of value to Compliance, Risk, Senior Management, Product Governance, Financial Promotions and Customer Service specialists in all regulated firms that deal with retail clients as defined in the different rulebooks (which, in addition to traditional 'retail' firms, also means 'consumers' for consumer credit, large amounts of investment business on a B2B basis, all regulated mortgage business, B2B banking and payment services and e-money).

Agenda

Topics covered may include but are not limited to:

• Background and drivers of the Consumer Duty
• Structure and scope of the new rules
• The cross-cutting obligations
• Retail customer outcomes 
• Price and value assessment
• Consumer understanding
• Customer support
• Monitoring the outcomes