Consumer Duty & Day 2 Compliance - Outcomes, Monitoring & Closed Product Reviews

Introduction

Consumer Duty compliance continues to be an important topic for firms as our collective understanding of the standards required develops.

The FCA has been providing feedback following a series of themed reviews enabling industry to benchmark their Consumer Duty processes against the regulator’s best practice suggestions. This session focuses on the regulatory feedback, together with emerging trends in enforcement cases to enable participants to benchmark their own approach.

For example, a key aspect of compliance with the Consumer Duty is monitoring the outcomes required of customers and using the data to continually improve the product or service - this is a requirement under PRIN 2A.8.3. Another area is the governance expectations and actions required by senior management.

This virtual classroom seminar provides a detailed overview of the FCA’s requirements in respect of outcomes monitoring, governance, and product reviews, sharing examples of good/poor practice before exploring how firms should handle the results and develop their framework over time.

It is suitable for those with responsibility for the Duty in firms, as well as senior managers.

What You Will Learn

This live and interactive session will cover the following:

• Detailed overview of the FCA’s requirements in PRIN 2A.8 and PRIN 2A.9
• Good/poor examples of outcomes monitoring
• Consumer Duty framework - target operating model, outcomes monitoring requirements and MI
• Detailed overview of the FCA’s requirements in relation to product reviews and examples of good/poor practice
• Governance framework that enhances the firm’s adherence to the Duty

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.