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The Training Environment For Financial Services
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The Consumer Duty is a broad and ambitious set of rules and it is still early days in its implementation. The FCA is actively monitoring firms' compliance with the Consumer Duty and has stated that it will take action against firms that are not meeting their obligations.
Consumer Duty Champions are a relatively new role in the UK financial services industry, but they have the potential to make a significant difference to the way that firms interact with their customers.
The basic premise of the role is simple: the Consumer Duty Champion is responsible for ensuring that a financial services firm complies with the FCA Consumer Duty. However, as it is a new role, it can be difficult to understand all that is required.
The FCA is likely to take a more serious view of the Consumer Duty Champions who fail to meet their obligations if the firms' failure to comply causes harm to consumers. It is also important to note that the FCA is not the only body who could take action against a Champion. The firm itself could dismiss the Champion or take other disciplinary action.
The objective of this course is to deepen a Consumer Duty Champions understanding of the role. We will equip you with the knowledge to balance regulatory expectations and commercial reality of the business for which you have responsibility. You will also be able to challenge the ongoing plan for adhering to the Consumer Duty in your firm.
The Consumer Duty is important to regulated firms because it helps them to succeed in the marketplace. By delivering good outcomes for consumers firms can attract and retain customers, build trust and protect their reputation. This can lead to increased sales, reduced costs and a more sustainable business model. It is important for Consumer Duty Champions to take their role seriously and to take steps to ensure they are meeting their obligations. By doing so, they can help to make financial services fairer and more transparent for consumers.
It is particularly relevant for individuals with responsibility for risk, compliance, governance and oversight activities.
This encompasses: Consumer Duty Champions, Executive and Non-Executive Board members, Chief Operating Officers, Heads of Compliance, Heads of Risk and Heads of Internal Audit.
