Consumer Duty - Essentials

Overview

In July 2022, the Financial Conduct Authority (FCA) published guidelines for a Consumer Duty, marking a significant development in the regulation of financial services. Since then, these regulations have been implemented and it is expected that organisations embed them from the top down.

The Consumer Duty comprises an overarching principle, new rules, and expected outcomes, all aimed at improving standards of care for customers in retail financial markets. It requires firms to put their customers’ needs first at every stage of the product or service lifecycle.

The aim of this short online learning course is to provide an overview of the essential aspects of the Consumer Duty and outline what it means for firms and the people that work for them.

Outline Learning Objectives:

• Explain what the Consumer Duty is and why it is important
• Identify when Consumer Duty should be considered and applied
• Describe the responsibilities firms and employees have for their customers under the Consumer Duty
• Understand the FCA’s expectations for firms in implementing the Consumer Duty

Audience:

This online learning course applies to anyone that works within the financial services industry or anyone that would like to understand the topic.