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Consumer Duty Champions - Outcomes Monitoring, Governance & More

Consumer Duty Champions - Outcomes Monitoring, Governance & More

Select a date

26 Apr 2024 - London
10 Oct 2024 - London

Session

26 Apr 2024

10:00 AM ‐ 4:30 PM

Session

10 Oct 2024

10:00 AM ‐ 4:30 PM

With a SmartPlan £486

With a Season Ticket £540

Standard price £720

All prices exclude VAT
Level
Intermediate: Requires some prior subject knowledge
CPD
5 hours
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Group bookings
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Introduction

The consumer duty is now in full swing, whilst firms have understandably focused on completing the steps required prior to the consumer duty’s implementation date in July 2023.

Now this date has passed we need to recognise there are still aspects of the duty to complete.

A key aspect of ongoing compliance with the duty is outcomes monitoring, PRIN 2A.9 requires firms to continually monitor whether customers are receiving good outcomes with PRIN 2A.8 setting out the governance requirements.

This new full day course will cover these areas in detail, setting out ‘what good looks like’.

We will also explore the role of the consumer duty champion.

The FCA suggests this should be someone at board level (or equivalent governing body), ideally an independent non-executive director who ensures the duty is discussed regularly and raised during all relevant discussions.

The course will also explore the board report and relevant MI and appropriate governance.

It is suitable for those with responsibility for the implementation of the duty in firms, including consumer champions and senior managers in FCA regulated firms.

What You Will Learn

This course 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
  • The FCA requirements for the consumer duty champion, board report, MI, and governance
  • Who can be a consumer duty champion, what their role entails and how they can evidence the steps they are taking?