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The Consumer Duty & The Requirements for Firms

Master the FCA requirements and effective practice considerations. Discover if it's 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

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 & 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

New Consumer Duty Requirements for Firms Training Course 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

  • 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

New Consumer Duty training course 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

Redcliffe's FCA consumer duty training is delivered by a specialist with over 20 years of experience in compliance and risk management. He has led 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.
  • 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 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 training 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. Redcliffe's 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. It 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.

  • I thought the trainer was very good and allowed participation
  • I am from a Non-Compliance background so found the content very useful.

Have this course presented In-House

  • On a date, time and in a location of your choice
  • Topics expanded or deleted to your bespoke requirements

Have this course pre-recorded

  • Full course recording edited exclusively for your company
  • Files converted to enable housing on your LMS
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