The Consumer Duty & The Requirements for Firms

Learn about FCA Requirements & Effective Practice Considerations. More than just Treating Customers Fairly?

A close view of a spiral staircase with a circular shape and geometric pattern

A half-day Consumer Duty course presented in a virtual class from 9:30am to 1:00pm UK time

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Download: Course Category Brochure | Course Outline

New Consumer Duty Requirements for Firms Training Course Covers:

Session 1: Where we Were – Where we Are

Current timescales and expectations – the road to both deadlines
Treating Customers Fairly (TCF) and Conduct Risk
Alignment with SMCR
Change to the Conduct Rules and COCON
Current regulatory commentary on implementation quality

Session 2: The Consumer Principle / Principles 6 and 7

New Consumer Duty training covers Principle 12 – The Consumer Principle
Mindset, culture and data in place to deliver the aims of the new Principle 12
Measurement, Management and Gap Identification
Gap filling – working towards a set goal

Session 3: Consumer Duty Cross-Cutting Rules

Amplifying the Consumer Principle
Three rules:
- Firms must act in good faith towards retail customers.
- Firms must avoid foreseeable harm to retail customers.
- Firms must enable and support retail customers to pursue their financial objectives.
Defining and understanding regulatory expectation

Discussion Exercise – Areas of our business impacted/prioritised

Session 4: The Four Outcomes

Focusing on retail customers
Consumer Responsibility
Product Oversight and Governance – back to the drawing board
Pricing and accountability
Communications – clear, fair and not misleading but supercharged
Transforming “customer service” to “customer support” and the client lifecycle

Session 5: Other Important Elements

This new Consumer Duty training course explains outsourcing the Consumer Duty – in short, not an option
Vulnerable Customers
No private right of action
Impacts on T&C; Financial Promotions, Compliance Monitoring; Audit activity; Induction programmes; Employee handbooks or Codes of Conduct; and Breach Management
IT Programme management – enhanced MI and reporting
Evolution or revolution?
Non-handbook guidance

Case studies: TBC as industry commentary develops

Consumer Duty Training Wrap-up

Summary
Questions
Open forum

Please note that consumer duty course content is subject to last-minute changes based on the finalising of the FCA’s new rules

Our FCA consumer duty training is delivered by a specialist with over 20 years of experience in compliance and risk management, leading European and global functions in Wealth Management divisions, custodians and global banks. Our FCA consumer duty course trainer is an ex-regulator who specialises in regulatory and financial crime compliance and has provided consultancy services to retail, private and commercial banking operations, as well as fund managers and investment houses.

Consumer duty training covers the following:

The FCA’s new rules and requirements and how we got here.
The application of the new Principle and Conduct Rule and where current arrangements continue.
How to apply good practices and avoid poor practices.
The new rule requirements through each stage of the product life cycle, and the client lifecycle too.
The three cross-cutting rules and the four consumer outcomes and how they link to the six treating customers fairly outcomes (TCF).
To link change to senior manager accountability under SMCR.
Putting all of this together, this FCA consumer duty training course helps to begin formulating an action plan to identify and address relevant areas of need.

We have delivered workshops on treating customers fairly and conduct-based risk for 10 years. We understand how the rules have changed and how firms have successfully adapted to them. We are also well aware of how FCA expectations and good practices have changed.
We have served clients of all shapes and sizes in the financial sector and are fully aware of the obligations of a regulated firm and what is expected from them by the regulator.
We have been delivering training for over 20 years and this is one of our core competencies. We are certain we know the topic as well as anyone in the marketplace.
This trainer has worked as both a regulator and in training regulatory requirements across wholesale and retail financial firms. He will pass on past experiences to enhance the workshop and help bring it to life.
We do not employ: all of our trainers are highly experienced professionals with relevant vocational experience in the real world.
Consumer duty course case studies enhance the learning points and are often found to be essential in truly understanding the requirements and growing the skills to apply them.
We are always judged by our results which speak for themselves. FCA consumer duty course feedback from previous delegates has always been excellent.

This consumer duty course is designed for those working in UK-regulated firms and is subject to the new FCA consumer duty rules. This course will add value for anyone in the three lines of defence roles tasked with designing, implementing, advising, monitoring, or testing the elements of a retail business.

This FCA consumer duty training course provides an analysis of the new rules and their impact. We look at the key requirements and changes but in the context of how we got here, what they built on, what the gaps were and why they needed to be addressed.

We then focus on the rules and their practical implications and application. What do we need to do? What needs to change? What are the pitfalls and what are our options?

The urgency to comprehend and navigate these regulatory changes promptly is underscored, emphasising the necessity of aligning with stipulated deadlines. This consumer duty course not only serves as a knowledge repository but emerges as an indispensable tool for proactively meeting implementation deadlines. It furnishes participants with the requisite support to navigate the intricacies of implementation activity and exercise effective oversight of control frameworks.
By enrolling in this program, you equip yourself with a strategic advantage in adapting to the evolving regulatory landscape. The course is designed to empower individuals at all levels within an organisation, ensuring a comprehensive understanding of the nuances of the new consumer duty regulations. For organisations keen on fortifying their compliance mechanisms, this training offers a pivotal resource.

The rules impact a huge amount of what we do, from the senior leadership teams to the shop floor and to be ready to meet both deadlines, we should understand and map the challenges as soon as we are able. This training provides essential support to your implementation activity and control framework oversight.