Course description
Compliance Monitoring - The Impact of the Consumer Duty (Live Online) - In House Training
The Consumer Duty formally imposes an actionable duty on regulated firms to deliver good outcomes for retail customers with a focus on products and services, price and value, consumer understanding and consumer support. These build on previous FCA initiatives such as Treating Customers Fairly and the Conduct Risk Framework.
The Duty is inextricably linked to these non-rules-based obligations which rely on subjective tests of “fairness” rather than objective legal tests. This means compliance will always be subjected to a test of hindsight if the FCA decides to take action.
With the FCA highlighting gaps in firm's implementation plans and a growing realisation in the compliance community of the tight deadline and the complexity involved, this course aims to help firms focus on the impact of the Duty on their monitoring programmes and will likely raise questions and challenges for your current implementation plan.
Upcoming start dates
Suitability - Who should attend?
This focused course will be of value to anyone responsible for risk assessment, creating or implementing monitoring programmes. This is likely to include Senior Management Team, as well as heads of Risk, Compliance and Audit, and individuals who compile reports for the senior management team.
Outcome / Qualification etc.
- Understand what the Consumer Duty expects firms to deliver and the pitfalls it creates
- Highlight the changes you may need to consider for risk assessments and MI
- Create or identify auditable Consumer Duty outcomes that are relevant for your firm
- Identify the conclusions your monitoring needs to draw which will provide an evidential basis for any assessment of the extent of compliance/non-compliance
- Explore what monitoring techniques might be most helpful in a resource-constrained environment
- Leverage existing information/monitoring infrastructure for the purpose of the Consumer Duty monitoring
Course delivery details
This course will comprise a blend of trainer presentation, group discussions, exercises and examples. There will be ample opportunity for questions, experience sharing and networking. All course documents, (as well as refreshments and lunch for face-to-face courses) will be provided.