Consumer Duty Session
August 3 @ 10:00 am - 11:00 pm£45
The FCA’s new Consumer Duty – what does this mean in practice for firms?
The FCA recently published a consultation paper (CP21/13) on its plans to introduce a new Consumer Duty. The Consumer Duty will consist of:
- A Consumer Principle that reflects the overall standards of behaviour the FCA wants to see from firms.
- Cross-cutting Rules that develop and amplify the standards of conduct the FCA expects under the Consumer Principle.
- Four Outcomes that will drive a suite of rules and guidance, setting more detailed expectations for firm conduct across key elements of the firm-consumer relationship.
The FCA wants to see better outcomes for customers, making better decisions in their own interests. One of the aims of the Consumer Duty is to increase confidence that customers have in financial services. The FCA also states that firms should take additional care to ensure vulnerable consumers receive outcomes that are as good as for other consumers. This is consistent with its recently published guidance on the fair treatment of vulnerable consumers. During this session we will examine the FCA’s proposals and how they will impact on firms. It will give you an overview of the FCA’s expectations and intended changes, so that you can consider the effect of these on your clients activities and how you can provide support to them in this area.
The content will cover:
- Why FCA CP21/13 has been issued
- An overview of the FCA’s proposals
- What firms needs to start considering
- Some key questions about the new Consumer Duty
- Questions answers and debate on this topic – a Consultants view of this new duty.
Hear from someone who worked as a regulator at the FCA for over 13 years.
Adrian is a consultant from an APCC member firm, who has over 30 years’ experience in financial services compliance, risk management and regulation. Adrian worked in Supervision overseeing General Insurance & Mortgage brokers, IFAs, Asset Managers and Stockbrokers. He also has first-hand working experience of consumer credit and claims management firms.