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Consumer Duty
The Consumer Duty will mean that consumers should receive communications they can understand products and services that meet their needs and offer fair value, and obtain the customer support they need, when they need it.
- 4 CPD Units
- 4 Hours
- Live Online
- 28 May 2024
- 09:00 – 13:00 UK Time
- Online
£474.00
✔️ If you’d like to be invoiced for this course and pay via bank transfer, please send your company details and the name of the course you’re interested in to info@lgca.uk, and an invoice will be issued.
Course Overview
What’s Included
Trainer
Course Overview
In July 2022, the Financial Conduct Authority, or FCA, published a policy statement, with final rules, on its Consumer Duty initiative. This comprises a new principle, cross-cutting rules, and four outcomes for retail consumers.
The Consumer Duty will mean that consumers should receive communications they can understand products and services that meet their needs and offer fair value, and obtain the customer support they need, when they need it.
Clarity on the FCA’s expectations, and firms’ focus on what their customers need, should lead to more flexibility for firms to compete and innovate in the interests of consumers. With firms assessing how they are meeting their customers’ needs, the FCA will be able to quickly identify practices that do not deliver the right outcomes for consumers and take action before practices become entrenched as market norms.
Regulated firms will have to comply with the Consumer Duty from 31 July 2023, with a delayed implementation of 31 July 2024 for products that are closed or not being sold to new investors.
Learning Outcomes
By the end of the programme, participants will:
- Understand and explain the FCA Consumer Duty
- Articulate the changes required as a result of the Consumer Duty
- Explain the desired outcomes for consumers
- Describe how firms can begin to evidence their compliance with the Duty
- Appreciate how the Consumer Duty applies across different sectors
Who Should Attend
Relevant staff roles include Risk and Compliance, Operational Oversight and Management.
What’s Included
Training Outline
Regulatory expectations – the role of Compliance Monitoring
- Aims of the Duty
- The Consumer Principle
- 3 cross-cutting rules
- 4 outcomes
- Impact on Conduct Rules
Monitoring Outcomes under the Consumer Duty
- What do the regulators expect?
- What might a monitoring programme look like?
- Focus on vulnerability
Senior Managers and the Consumer Duty
- Regulatory Expectations
- Supporting senior managers from the bottom up
- Building evidence of reasonable steps
Recognising differences
- Impact on retail banking
- Impact on consumer credit
- Impact on wealth and asset management
- Impact on insurance distribution
- Impact on mortgages
Trainer
Industry Expert | Steve Fairclough
Steve began his financial services career in 1993 and has over 20 years practical training experience across a range of sectors and topics. He is a former Head of Education for HSBC covering the UK and Europe, responsible for regulatory and financial crime related compliance learning. His time at HSBC was during intense scrutiny from regulators and government functions during the bank’s Deferred Prosecution Agreement. Other roles include leading the Monitoring and Testing programme for a UK Wealth Manager, and Senior Vice President responsible for Global Risk & Compliance training at a US-based bank. He also worked in the Insurance Firms division at the Financial Conduct Authority (in the FSA days) where he was the divisional expert for the rules and outcomes required under the Training & Competence handbook.
The HSBC role, along with five years at Barclays in their Private Clients and Wealth functions, has seen Steve work with retail, commercial, wholesale and private banking channels. Since leaving HSBC, Stephen has worked with the compliance, HR and operational teams of firms to enhance their regulatory understanding, as well as delivering content across private equity firms, investment houses, banks and wealth managers. He regularly delivers core programmes for TISA and the Investment Association.
Steve is a former member of the Investment Management Association Training & Education Committee and won the Thomson Reuters award for “Most Effective Compliance Training at a Regulated Firm” in 2010.
What People Say About LGCA
Mock Exams certificate helped me advance my career in the field of compliance by teaching me the ins and outs of the sector, the challenges I may face in the future, and the skills I need to overcome them and help my company remain compliant in a heavily regulated world.
Compliance and its role in the financial world have never been easier to understand than with Mock Exams certificate programmes. The course was clear, comprehensive and practical, and provided me with the tools and skills I needed to further my career in compliance. I highly recommend these certifications and courses!
This certification is precisely what I was looking for. Since I work remotely, the best option for me was a self-paced, e-learning course that I could do and complete at my own convenience and at random hours of the day. LGCA’s training offered exactly that, plus a lot more. I delved deep into the world of compliance, gaining a thorough understanding of the industry and what it takes to succeed as a compliance officer. Thank you Mock Exams !
Mock Exams make compliance super interesting and simple to grasp. Their self-paced, online learning offerings are captivating and have prepared me to take the plunge and become a full-time compliance professional.
I wasn’t sure whether transitioning into the world of compliance was the right move for me. After taking this course, I’m convinced I made the right decision. The course was super interesting, offering me a solid foundation of Mock Exams issues, and it got me super hyped to build a career in compliance.
Compliance has been trending lately and Mock Exams certificate caters to this growing need for compliance officers or at least experts in the sector. The course materials were insightful, comprehensive and clear, relying heavily on case studies that show theory working in practice and helping us understand the true value of compliance and its concepts in action in the business world. Don’t miss out on what’s a wonderful course!
This course and certification are exceptional when it comes to introducing you to compliance and its importance in today’s financial world. Self-paced, online and very engaging material. Top notch.
Mock Exams self-paced, online course on compliance is ideal for professionals who want to pick up new information on the Mock Exams world and contribute to building a solid corporate culture for their workplace. In this day and age, being ethical is the name of the game and this certificate allows you to grow in that direction.
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