Benchmarking people policies for the Consumer Duty and SMCR

Course outline and objectives

Two significant regulatory developments have been taking place during the summer of 2023.

All retail firms have been preparing for the Consumer Duty in advance of the 31st July deadline. This Duty sets a higher expectation for the standard of care that firms give their customers. The Duty applies directly to all firms involved in retail activity and also has implications for firms involved in wholesale and institutional business.

For a number of years, the Senior Managers and Certification Regime (SMCR) has provided the framework for overseeing individual behaviour and personal accountability. Now, as part of the post-Brexit Edinburgh Reforms, the regulators have commenced reviews of the SMCR to consider how it can be improved and make it work better. Even before enhancements are made, the SMCR has been hardwired into the Consumer Duty as the mechanism for ensuring that individuals can be held to account and to encourage their personal commitment to delivering the aims of the Duty.

As firms review their SMCR arrangements and consolidate their responses to the Duty, this good practice workshop has been designed to update participants on the latest regulatory expectations and provide a forum in which to compare and benchmark their firms' arrangements regarding both the SMCR and the Consumer Duty.

Course Agenda

Topics may include but are not limited to:

• Overview of the requirements
• Individual accountability
• Performance management and appraisal
• Individual Conduct
• Consumer Duty and Remuneration
• Impacts on other HR policies and procedures
• Corporate culture and broader considerations