Introduction
The new Consumer Duty regulations came into effect on 31 July. It is now that all the real challenges start as you embed all the changes. As part of this process you will come across aspects that either have not gone as expected, possibly overlooked or could simply work better. The FCA fully expect firms to review and make changes to ensure that they deliver good outcomes for consumers.
In this 45 minute presentation we focus on the practical aspects of T&C. We look at how the new Consumer Duty affects the day to day operations of T&C and your T&C scheme. This provides a great way to benchmark your approach or experience different ways to do things and go away with some really useful ideas to progress.
To cover off the outcomes we will explore the 8 key connectors that must be in place to ensure that T&C and Consumer Duty work together to deliver good consumer outcomes. Failure to establish one of these key connectors may mean that your approach to T&C will not perform as effectively as it should. This could turn T&C into a business inhibitor as opposed to a business enabler.
Outcomes
To understand how the new Consumer Duty regulations affects your approach to T&C
To know why culture plays such an important role and why T&C is affected
To describe a good consumer outcome
To understand the relationship between good consumer outcomes and competence
To be able to define the standards expected of a competent person
To assess the impact of T&C on people not engaged in Appendix 1 activities
To identify the impact of consumer biases on your customers and how you should respond
To know the critical skills to help put your customers in a place to make informed decisions
To understand how all these changes impact upon your Fit and Proper assessments
To establish the link between T&C management information and board reporting
To know what outside in means and the important role it plays
To understand the role of customer coaching in evidencing good consumer outcomes
To describe how all these aspects affect day to day supervision
Session resources
USEFUL LINKS
FCA Checklists for Code of Conduct and FIT assessments
