The Consumer Duty & The Requirements for Firms

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.