Meeting Financial Promotion Requirements for Banks and Building Societies - 16/11/2017
The Training Environment For Financial Services

Meeting Financial Promotion Requirements for Banks and Building Societies

16 Nov 2017, London

9:30am to 4:30pm

Outline & Objectives

When marketing their products, Retail Banks and Building Societies in the UK need to ensure compliance not only with FCA Principles for Business and SYSC but also several different sourcebooks (BCOBS, MCOBS, ICOBS), as well as regulatory guidance and various industry and general advertising codes of conduct. While the FCA is intent on driving its good conduct agenda, the regulator wants firms to move away from a checklist approach towards a more general understanding of the need to make communications clear, fair and not misleading
 
Making extensive use of CASE STUDIES and SYNDICATE EXERCISES, this practical workshop will equip Marketing and Compliance professionals in Building Societies and retail banking firms with an understanding of how the FCA rules work in relation to financial promotions and the impact on financial advertising and customer communication.

Specifically, attending will help you:

  • Review the impact of regulatory developments and priorities on financial promotions
  • Update and refresh your knowledge of the relevant conduct of business requirements
  • Examine the application of the rules in key and high risk areas
  • Recognise the differences and similarities between promotions and other communications
  • Check the effectiveness of your procedures
  • Understand how the rules impact the internet and digital media
  • Consider how you can evidence your promotions present fairly what you are offering

Who will benefit?

If you have responsibility for creating or approving advertisements and other customer communications in a Building Society or Retail Bank, this workshop will help you understand and comply with regulatory expectations. Firms gain real business benefits from sending people from their Compliance and Marketing areas.

Training Approach

This workshop uses a combination of trainer input, knowledge sharing with interactive syndicate work and case studies. Group size is limited to maximise learning and facilitate sharing of experience among the delegates.

Course Presenter

Adam Samuel  is a compliance specialist and lawyer who has spent much of the last 20 years checking and advising firms from major banks to small one-man firms on financial promotions. Qualified as a lawyer on both sides of the Atlantic and proud holder of an AFPC and CISI compliance diploma, Adam wrote the only major book on financial services complaint handling in 2005 and is now working on the second edition.

Course Programme

Session Content
Background


  • Ordinary law, company procedures
  • BBA Code of conduct for the advertising of interest bearing accounts
  • ASA Codes of Advertising Practice, CAP and BCAP Code
  • Legislative framework for financial promotions rules
  • FCA Principles
  • ICOBS, MCOB, BCOBS
  • Responsibilities of Product Providers and Distributors (RPPD)
General Requirements
  • Image advertising – definitions and rules
  • Clear, fair and not misleading
  • Disclosing risks
  • Prominence
  • Unfair comparisons
  • Tax comments and the required warning
  • Jargon
  • Promotions identifiable as such
  • What’s in a name: white-labelling, identifying external relationships
  • Referring to regulators and the need to explain what isn’t regulated
  • FG 15/4 Social media and customer communications
  • Basic SYSC
  • Records
Mortgages
  • Clear, fair & not misleading
  • Mortgage risk – warnings, early repayment charges,
  • Fixed, variable and tracker rates
  • “Free advice” claims
Savings
  • BBA/BSA Code and BCOBS
  • Limited offer periods
  • Variable and fixed rates and terms
  • AER quotes
  • Minimum amounts
  • Withdrawal restrictions and cancellation
Insurance
  • Limits of cover – exclusions
  • Income  protection insurance – descriptions of cover
  • Pricing claims

This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.

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