The Training Environment For Financial Services

Product Governance and the Consumer Duty for Deposit Takers, Lenders and Consumer Credit Providers

This course has already taken place click here to view our current courses

 

Course Outline & Objectives

Product governance has been on the UK regulators’ minds since the early 2000s. However, the subject is currently regulated by the Responsibilities of Product Providers and Distributors (RPPD), guidance originally drafted in 2007. On 31 July 2023, the new Consumer Duty will introduce a much more detailed product governance regime for mortgages, consumer credit, savings, payment services and electronic money. This will insert the idea of a governance process, rather than just a list of things to do. It will also transplant into this area, the difficult task of measuring value for money and a more structured approach to customer communications and service.

This workshop aims to familiarize participants with the new product governance approach required by the Consumer Duty, the assessment of value and the more detailed tasks expected of firms while going over some older ground from RPPD.

 

Specifically, attending will help you:

  • Understand the processes and arrangements required for product governance
  • Improve your understanding of where compliance and senior management contribute to the subject
  • Increase your knowledge of the Consumer Duty and Product, Price and Value,  Customer Support and Communications Outcomes
  • Benchmark your approach to product risk management against FCA expectations and industry best practice
  • Identify target markets
  • Test products
  • Create and monitor distribution strategies and select and keep the right distribution channels
  • Appreciate the problems with applying value measures to credit, payment and savings products

Who will benefit?

This course will be of value to those responsible for product governance, compliance and risk management including Operations, Risk Management, Compliance and Internal Audit professionals.

Training Approach

The sessions will be delivered via a real time slide-sharing and live audio-visual platform, accessible by desktop computer or laptop. Delegate numbers will be limited to ensure a high quality learning experience.

 

 

 

 

Course Presenter

Adam Samuel is a compliance specialist and lawyer who has spent much of the last 20 years training and advising firms of all sizes on customer-related compliance and product governance. Qualified as a lawyer on both sides of the Atlantic and proud holder of an AFPC, the MAQ and CISI compliance diploma, Adam wrote the only major book on financial services complaint handling in 2005 whose second edition appeared in 2017.

Course Programme

 

Session Content
Introduction
  • Finding the Consumer Duty
  • The scope of the Consumer Duty
  • The overlap between PRIN 2A and PROD
  • Defining product governance, manufacturers and distributors
Building the product governance process
  • The overriding reasonableness and proportionality tests
  • Building the “product governance arrangement” or committee
  • Underlying values
  • Different types of product and process reviews
  • The different focuses of manufacturers and distributors
  • Product risk management
  • Compliance – role and reports
  • Senior management certification under the Consumer Duty
The product governance tasks
  • Identifying target markets
  • Product design
  • Product testing – what and how?
  • Value measures for investments and pensions
  • Setting the distribution strategy
  • Selecting, monitoring and terminating distributors
  • Product management information
  • Reviews and monitoring and tasks to perform in the event of negative outcomes
  • Remedying problems

Other relevant consumer duty outcomes

 

The Communications outcome and customer service
  • Meeting information needs
  • Equipping customers to make timely, informed, good decisions
  • Tailoring and testing
  • Fixing problems discovered
  • Supplying information to other firms

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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