Consumer Duty Senior Management Briefing
What you need to know now
Overview
In July 2023, the FCA Consumer Duty came into force. The obligations introduced as part of the new Duty were wide-ranging and firms within scope of the rules need to devote significant time and resources to ensuring ongoing compliance with the Duty’s requirements.
This concise briefing:
- Provides the board and other relevant senior managers with a refresher on the structure of the Consumer Duty,
- Considers the four outcomes in detail for your firm and the relevant industry sector(s),
- Sets out the regulator’s expectations of firms, and,
- Explores the practical challenges of ongoing compliance and the role of the Board and Senior Management in ensuring that your firm meets the FCA’s requirements.
The role of the Consumer Duty Champion will be considered in the context of the Chair, CEO and other Board members.
Who is this for?
This course is designed for board members and others within senior management who have responsibility for the ongoing compliance with the Consumer Duty.
Learning Outcomes
By the end of the workshop participants will be able to:
- Describe the main elements of the Consumer Duty
- Explain the four outcomes of the Duty and the associated challenges
- Prepare or approve a Board report on compliance with the Duty
Course Details
- Refresher on the Consumer Duty structure:
- Consumer Principle
- Cross-cutting rules
- Deep dive into the four outcomes relevant to a firm in your sector:
- Products and services
- Price and value
- Consumer understanding
- Consumer support
- The FCA’s expectations of the Champion and of senior management
- Preparation of the annual Board report (NEW for 2024)
Delivery
Have the flexibility to deliver your In-House training in-person by one of our trainers at your premises, or virtually via Zoom, Teams or Webex.
Find out more about your Virtual or In-Person training experience below.
Virtual Delivery
Our virtual training courses are designed to be every bit as engaging as our in-person courses. To achieve this, our trainers use market-leading technology and a range of training techniques to ensure high levels of interaction with participants. Courses include the use of:
- Virtual ‘break-out’ rooms: participants are divided into virtual rooms to facilitate small group discussion.
- Polling: multiple-choice questions, answered anonymously, allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to highlight the practical application of theoretical knowledge.
- Messaging: participants can submit questions and comments, either to the whole group or privately to the trainer.
Additional Benefits:
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Recording: public course participants have the option to access a recording of the course for one month after the course. In-House clients also have the option to record their training for an additional fee.
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On-going Q&A: public course participants can access an ongoing Q&A facility allowing them to ask questions relating to the course.
In-Person Delivery
Our in-person training is delivered face to face at your offices, and includes:
- ‘In-the-moment’ questions & discussions: questions through conversations allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to explore practical application of theoretical knowledge.
- Q&A: participants can ask questions during training, either to the whole group or privately to the trainer.
