The Training Environment For Financial Services

Understanding the role of The Consumer Duty Champion

Course outline and objectives

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.

Attending this focused half-day course will help you:
  1. Identify and address new and emerging risks to consumer outcomes under the Consumer Duty
  2. Develop and implement strategies to promote a culture of consumer focus within their firm
  3. Evaluate the effectiveness of your firm's Consumer Duty implementation and identify areas for improvement
Who will benefit?

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.

Training Approach

The course programme will comprise a blend of trainer presentations, group discussion and practical examples. There will be ample opportunity for questions and experience sharing. All course materials will be provided.

 

Course Presenter

Daiman Baker

Daiman has 20 years of experience in London-based investment banks in front office compliance advisory roles and in delivering regulatory change across multiple EU and UK pieces of legislation.

Leveraging his background as a lawyer, Daiman delivers design, implementation, remediation projects, business governance / management structures, SME / regulatory interpretation input, policy and procedure drafting and training.

Course Programme
Session Content
Overseeing the implementation of the Consumer Duty
  • The role of the board in overseeing the implementation of the Consumer Duty
  • Key risks and challenges and how to develop and implement a robust oversight framework
  • How to report on the firm's progress to shareholders and other stakeholders
Identifying and addressing new and emerging risks
  • The nature of new and emerging risks to consumer outcomes under the Consumer Duty
  • Identifying and assessing these risks in the firm's own context
  • Key drivers of these risks and how to develop and implement effective mitigation strategies
Holding the firm accountable for delivering good outcomes for consumers
  • The role of the board in holding the firm accountable for delivering good outcomes for consumers
  • Key metrics to track and how to set and achieve ambitious targets
  • How to use your position on the board to influence the firm's culture and decision-making processes

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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