The FCA has introduced Consumer Duty rules for firms comprising a new Customer Principle that requires firms to act to deliver good outcomes for retail customers, cross-cutting rules under this Principle, and FCA expectations of outcomes under the new rules. These came into effect from 31 July 2023.
This course focuses on the new requirements that firms would need to follow to comply with the FCA regulations, the practical impacts, and the scope of products and services for firms within the UK and globally.
The course provides the key aspects the Consumer Duty principles and cross-cutting rules, expected outcomes, and explains the impact to firms through real-life scenarios for different customer bases and different products and services.
The session covers the Sector based Consumer Duty obligations and likely challenges to be encountered by banks, lending and credit institutions, pension funds, investment, asset and fund managers, wealth managers, financial advisors, and insurance firms.
The workshop builds upon key lessons learnt in implementing FCA CASS and Conduct of Business (COB), MIFID II Investor Protection and Product Governance frameworks, SMCR and IFPR obligations, and explains how to leverage these for adherence to FCA Consumer Duty.
It provides real-life industry examples of best practices, post-implementation issues, and successful remediation of customer interactions and customer outcomes.
The session provides an understanding of the key impacts to UK, Europe, US and APAC institutions in scope, and the new regulatory reporting landscape.
What will you learn
By attending this one day FCA Consumer Duty course you will learn about:
- New requirements that firms would need to follow to comply with the FCA regulations
- Practical impacts, and the scope of products and services for firms within the UK and globally
- Key aspects of the Consumer Duty principles and cross-cutting rules
- Impact of consumer duty to firms through real-life scenarios for different customer bases and different products and services
- Consumer Duty obligations and likely challenges to be encountered by different types of financial services companies including: banks, lending and credit institutions, pension funds, investment, asset and fund managers, wealth managers, financial advisors, and insurance firms.
- Intersection with other regulations including FCA CASS and Conduct of Business (COB), MIFID II Investor Protection and Product Governance frameworks, SMCR and IFPR obligations
- Real life industry examples of best practices, post-implementation issues, and successful remediation of customer interactions and customer outcomes.
Course Content
- FCA Consumer Duty - Changes, latest updates and Timelines
- Firms, Business Lines and Products in scope - Retail vs Wholesale Firms
- Consumer Duty key concepts
- Consumer Duty Cross Cutting Rules
- Intersection with Other Regulations including: SMCR, Client Assets, COCON, Conduct Risk and MiFID
- Consumer Duty obligations for different types of the financial services firms
- Setting up right systems and controls
Speakers
The trainer is an industry advisor and regulatory expert with over 20 years of experience in investment banking, asset management and Regulatory Technology (RegTech). He is an industry expert in Financial Regulation, RegTech, Open Banking, Digital Payments and Payments Systems and cover all the key banking and finance regulations across US, EMEA and APAC including MIFID II, EMIR, CASS, SFTR, IFR/IFD, Dodd-Frank, FINMA (SIX), HKMA MAS and SFC, IBOR Transitions, SMCR, and ESG Regulations such as SFDR.
His recent key engagements include banks such as HSBC, Deutsche Bank, JP Morgan and Barclays and buy side firms such as T. Rowe Price, Ruffer, M&G and Investec Asset Management. He is also a member and advisor of Industry association committees for regulatory consultations with bodies such as ESMA, FCA, PRA/Bank of England and SEC.
Who Should Attend
- Heads of Product
- Client Directors
- Marketing and Research professionals
- Investment & Portfolio Management
- Operations
- Investment Propositions
- Heads of Internal Audit
- Compliance
- HR
