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Compliance Monitoring - the impact of the Consumer Duty

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Course Outline & Objectives

 

The Consumer Duty formally imposes an actionable duty on regulated firms to deliver good outcomes for retail customers with a focus on products and services, price and value, consumer understanding and consumer support. These build on previous FCA initiatives such as Treating Customers Fairly and the Conduct Risk Framework.

 

The Duty is inextricably linked to these non-rules-based obligations which rely on subjective tests of “fairness” rather than objective legal tests. This means compliance will always be subjected to a test of hindsight if the FCA decides to take action.

 

This practical course provides a safe environment in which to assess your approach to assessing the impact of the Consumer Duty on your monitoring activities and the underlying risk assessment so that your firm and its management can be confident that the monitoring is providing a true picture of the Consumer Duty risk within your firm, using a number of examples with delegate input.

 

Attending will help you:

  • Understand what the Consumer Duty expects firms to deliver and the pitfalls it creates
  • Highlight the changes you may need to consider for risk assessments and MI
  • Create or identify auditable Consumer Duty outcomes that are relevant for your firm
  • Identify the conclusions your monitoring needs to draw which will provide an evidential basis for any assessment of the extent of compliance/non-compliance
  • Explore what monitoring techniques might be most helpful in a resource-constrained environment
  • Leverage existing information/monitoring infrastructure for the purpose of the Consumer Duty monitoring

Who will benefit?

This focused course will be of value to anyone responsible for risk assessment, creating or implementing monitoring programmes. This is likely to include Senior Management Team, as well as heads of Risk, Compliance and Audit, and individuals who compile reports for the senior management team.

Course Agenda

  • What the Consumer Duty expects firms to deliver
  • How will the Consumer Duty affect risk assessment and management information
  • How to create or identify auditable Consumer Duty outcomes
  • What conclusions your monitoring needs to draw 
  • Explore the monitoring techniques that might be most helpful 
  • How to leverage existing information / monitoring infrastructure

 

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